Attack and Retreat

Despite a gap up at the open, followed by a jump in pending home sales, stocks are flipping back to red as I write this. 

Off of that opening bell gap, Members were keying off the IWM (ETF for the small cap stocks in the Russell 2000 Index, below on the 30-minute timeframe) to see if the $107.70 area would inflict the same type of resistance it did last Wednesday, as a short-term hurdle to clear. 

Thus far, that certainly seems to be the case, with small caps an the Nasdaq's top stocks in the QQQ ETF leading the downside reversal. Also note leader PCLN losing and holding back under the critical $1300 level this morning. 

Facebook, however, continues to impress as it outperforms again and is holding soundly over all daily chart moving averages, and NFLX is fighting to maintain its position over $100. 

Overall, though, the morning action has a bit of a post-holiday hangover feel to it. Let's see if it picks up into the afternoon.