The Tide Went Out

On social media yesterday, we were observing the Russell 2000 Index small cap ETF, IWM, on the 30-minute timeframe. 

Specifically, price had been working through a broadening channel, with $117.30 acting as rough support, tested multiple timeframes before a late-day bounce off it. This morning, however, sees sellers attempting to regain control, seen on the updated 30-minute chart, below. 

A hold below it, now, with $117.30 converting from support into resistance puts the ball back into the bears' control. 

Other parts of the market are also slowing down risk appetite this morning, namely AAPL below $119/$120 and potential completing the "right shoulder" of a massive topping formation. In addition, a few solars like CSIQ SUNE are gapping down sizably. Even Wayfair, post-earnings, is now getting hit after a sharp squeeze before the market opened. 

Facebook is green again, however, raising the issue once more of whether the very few incredibly strong leaders in the market can manage to raise all boats even as the tide appears to have gone out this morning.