Looking at the Small Caps Through This Lens

We have an interesting short-term development in the small caps today.  The little guys have been impressive of late, especially into the bell yesterday. And yet, as you can see on the 30-minute chart, below, the move over $117.40 (horizontal light blue line) has been sold with price now back below that breakout point. In the current bull market, especially since 2013, these types of false breakouts have largely not amounted to a bonafide "bull trap," meaning we see imminent follow-through lower (and have mostly not seen that in this bull). Still, I find the notion of eschewing the idea of the market every seeing a deep correction or a bear to be a classic gambler's trap, bound to catch many off-guard at the opportune time. I continue to key off $117.40 above to see if this is another blip in the bull path, or instead more of a meaningful head-fake. __________________________________________________