A Slow, Painful Shave

Here is an updated 30-minute small cap ETF chart for the month of July, which has largely kept us out of trouble and in cash during this recent swoon.

Simply put, small caps appear to methodically pushing lower yet, without much of a washout. The selling is in slow-motion, perhaps due to the summer doldrums of the market.

Either way, I am still staying true to what I wrote earlier this week and last week: I am not too interested in fresh money longs until this chart improves.

Headed into the final few hours of trading today, I am looking to see if the volatility ETF’s make another push higher. I may take a UVXY entry, if so.

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