Fall Into the Fall

The market settled into a bit of a scrum through midday, as the morning fireworks wore off and the Nasdaq and Apple even flipped green. 

At the moment, I am keying off the small caps in the IWM ETF, see below on the 30-minute chart. 

We are still below $121.50, a prior key level which was a warning sign when we lost it last week. Currently, the purple lines denote a potential bearish rising wedge formed by the morning bounce.

We have a few markets and trades on watch now inside Market Chess Subscription Services, but overall we are still staying very defensive-minded in the face of high risk markets.