The Casual Consumer

With WMT earnings tomorrow morning before the bell, it is worth noting that a few "casual" consumer plays are firming up. In particular, some of the casual dining plays, like PNRA, are still sporting solid overall technical charts. And if the market is going to sustain a rally this week, I expect them to outperform, though it will be interesting to see how WMT reacts tomorrow in its own right. 

Beyond that, the small cap ETF for the Russell, seen on the daily chart, below, is back up to a technical level we have discussed repeatedly inside Market Chess Subscription Services. 

Note how the $121.50 level on the IWM ETF has been resistance, then sound support, and was then breached. Today's rally in equities brings price right back up that level, setting up an interesting battleground into the close today and tomorrow. 

I suspect as long as crude remains red, it will be tough for bulls to plow up through $121.50 with authority.