Small caps are attempting to finally show signs of life back above the 200-day moving average today.
On the zoomed-out hourly chart for the small cap ETF, you can see the well-defined resistance trendline in play dating back over one month. Bulls, of course, want to break up and out of it for calmer waters.
Still, I doubt we see definitive resolution until next week. I remain reticent to get back involved on the short side pretty much anywhere until then, opting instead for quick snapback long plays.
What are you trading today?
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SFUN is following EJ holding both
got some builders too
Island reversal in RBCN
The VIX is sub 12 right now, which only happens a handful of times and has always resulted in a spike in volatility (14-15 at a minimum). Incidentially the last week of May and first week of June looks quite good for volatility as well over the last 4 years. Might take a shot at long volatility this afternoon.