Good Context for the Afternoon

Leaders like GILD and NFLX are working well to the upside today. But, overall it is still slim pickens out there in terms of broad-based breakout plays working in the tape. Dip-buyers are more focused, it seems, on stemming the tide of selling of late than they are catapulting us to fresh highs. 

For context this afternoon, I am keying off the 15-minute IWM chart, below, which is the ETF for the small caps in the Russell 2000 Index. 

We can see a potential double-bottom attempt dating back to last week's lows (light blue line). And, specifically, the purple lines denote the snapback rally off the low this morning. I am looking to see if sellers come back in this afternoon to break that pattern now and attack the morning lows again. I know the longstanding pattern in this bull is for the V-shape, up and out of the wedge below. 

Thus, I have been very quick to trade around my shorts inside Market Chess Subscription Services, such as COST IBM SHW, of late.