The Lay of the Land

On the updated 30-minute chart of the IWM, ETF for the Russell 2000 Index, below, since this morning's note about the $122.60 level being lost we have seen things get worse for bulls.The initial move below $122.60 was enough for me to lighten up longs inside Market Chess Subscription Services, for either small wins or small losses. 

As it stands now, we have a drift lower with the risk that panic picks up into the final hour. I have any new longs on hold, though locating quality short entries is tricky, too. 

Yesterday's "hammer" reversal have not confirmed higher, of course. And, thus, risk remains lower. 

Cash remains a powerful position, as are the risk management techniques we discuss frequently inside the services.