Going to Have to Earn Every Sliver

We have a mild bounce going this morning in the broad market, with the Nasdaq leading and small caps the glaring laggards. In addition, persistent weakness in a market leader like UA is rather bearish, to follow-up on the name which we have shorted multiple times for Members in recent months. As we noted previously about UA, this is a textbook bearish chart and is playing out brilliantly in terms of technical analysis--Charts which are unable to bounce when they likely should bounce are uniquely bearish. 

But regarding the larger market, with the selling we had seen earlier this week one would have expected a sharper rally at the open, especially given the futures action after the jobs number, pre-market. 

Instead, bulls are going to have to work hard for every inch, a concept which may seem foreign to them given how forgiving the bull run has been in recent years. 

On the 30-minute chart of the IWM, ETF of small caps in the Russell 2000 Index, note that persistent weakness. True, the light blue lines I have drawn may be a falling wedge which can resolve higher. But thus far buyers are pussyfooting around the challenge.