Let's See Who is in the Cockpit

Small caps are leading to the downside again, with the IWM (ETF for the Russell 2000 Index) breaching $121.50 sharply after a green open. On the other hand, FB and NFLX keep chugging higher, while AMZN CMG GOOGL UA are hanging in there, as marquee Nasdaq issues. Beyond that, the volatility index (VIX) made a fresh low yesterday and sharply reversed higher, while we know the S&P 500 did not make a new high.

Thus, the issue becomes who, exactly, is leading this market if we, in fact, are going to be led anywhere of note.

I also see crude oil red while energy stocks in the XLE reverse to green. Energy stocks are certainly beaten-down here. But perhaps the most cathartic scenario would have been an imminent washout in lieu of a half-hearted bounce, though we will see how much strength this bounce shows us. 

Also note TSLA, which may fall into the AAPL DIS category, post-earning. That weekly chart, below is a bit cockeyed for a head and shudders, though still may be valid. But, either way, the stock has not made much net progress in eighteen months.