Since the small caps in the Russell 2000 Index led us higher off the 11/16 correction low, it behooves to monitor them on this pullback.
On the 30-minute timeframe for the IWM Russell ETF below, you can see the gap-fill down to roughly $82.50 today. Instead of a sharp bounce off of it, though, we merely went sideways before continuing on lower. This may very well be a bear trap to lure in eager shorts.
However, the weakness in the short-term commands my respect and I am stepping off the side with respect to longs for now. I suspect that a close back above or below that level will indicate how much staying power this selling has
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