Navigating the Bumpy Streets

The small caps in the Russell 2000 may be outperforming the other indices a bit today, but we have been watching some specific levels all day inside Market Chess Subscription Services in order to at least stay out of trouble with longs.

Indeed, it is worth noting that in choppy and/or corrective markets, even the most attractive of long ideas are prone to a higher risk of failing to break higher due to the character of the broad market.

Headed into the final hour of trading, bulls will want to recapture $120.70 to the upside in the IWM, ETF for the Russell, seen on the 30-minute chart, below.  

With TSLA earnings tonight, there is always the risk for a squeeze higher in that momentum darling. 

But if that is the best hope bulls have here, it may be a bit of a stretch. 

For now, my focus is still on staying tactical and defensive.