The Action is the Juice

The action in the Russell 2000 Index in recent weeks continues to give us excellent context and perspective in terms of making sense of the recent market whipsaws. 

Bulls are looking for yet another false breakdown here. But with the IWM, ETF for the Russell, losing $111 this morning and holding below it as I write this, bears look to have seized back control of the tape for the time being.

As usual, I am sure dip-buyers will give it another shot this afternoon.

But the good news with all of this action is that we have some well-defined levels off of which to key: $111 and especially $113 above. to give an objective measure as to who really is in control here. 

Below the surface, it is yet another mixed bag: Biotechs and financials are notably weak while FB GOOGL are green, as other leaders are barely down. 

More in my usual Midday Video for Members coming up.