That's One Way to Do It

After flashing green this morning, the small caps in particular illustrate how the selling in the market intensified this afternoon. 

What had been potentially an "inside day" on the indices appears to have morphed into bears reclaiming some initiative after yesterday's drubbing by bulls. 

On the IWM (small cap ETF) hourly chart, below, earlier today for Members we looked at the descending triangle pattern in light blue, explaining what it typically means. 

And compared to the way in which this market has acted of late, with late-day buyers erasing potential breakdowns, it is surprising to see sellers make some headway today, albeit with twenty minutes of mystery left as I write this. 

Overall, staying tight and light still makes sense. But the indices undercutting recent lows makes for another shot at us seeing some more meaningful downside as we head into LOW earnings and the Fed Minutes tomorrow.