Standoff at the Open; Chess Moves
Although it looked like another "here we go again" open higher this morning, sellers presented themselves particularly with the small caps.
On the IWM hourly chart, below, ETF for the Russell 2000 Index, we can see the chart consolidating in recent weeks near its all-time highs. But the strength this morning was sold and now we have a potential triangle (light blue lines) breakdown, with the IWM off more than 1% as I write this.
Buyers are notorious for swooping in during these types of situations and in this specific bull market, though. So it will be interesting to see if that keeps up.
Also, I went short AAPL just now at $125.17 with a cover-stop over $130. I will follow up on this in my next blog post.