The Good News from Today's Chop

Despite headlines gravitating towards the WTW spike (the chart remains busted, despite Oprah, and looks to be much more of a short-term legendary squeeze of the many shorts caught offsides), the BLUE spike down halt, and now attempt at bouncing back, and NFLX reversing back above $100 at support, the indices are slightly red into the final hour.

The strength in the small caps this morning was wiped out, as we were looking to see if the market could ignore the weakness in energy stocks, crude oil, and Morgan Stanley. 

While the fade in the IWM has been far from a bloodbath, it is enough to keep most traders sidelined into this chop. 

On the updated 30-minute chart, below, we can however glean some valuable information from this action. Note the $116.15 level, above, has acted as resistance. Bulls had a good chance this morning to overtake that area but initially failed. 

Oftentimes, putting in the work in choppy markets is grueling but worthwhile for traders patiently waiting for better setups, as opposed to putting on trades just for the sake it.