The Bridge to Cross This Afternoon

As quaint as it may seem, the $100 level on the IWM (ETF for the small caps in the Russell 2000 Index) is likely shaping up as the bridge to cross for bulls to make any meaningful progress beyond the bounce off this morning's lows. 

The $100 level has acted as support in what has been a bit of a rugby scrum in recent weeks as bulls and bears fought to control the short-term initiative. And, simply put, bulls cannot afford to let $100 convert into sharp resistance now. 

Above $100, and we have a few scalp longs on the radar, which I will highlight for Members in my usual Midday Video. 

Alternatively, with a fresh leg down from here I expect some genuine panic to finally set in, especially below $99 again, with dip-buyers finally starting to wave the white flag. To be sure, USO back under $8.50 would also help the bear case.