A Slow Motion Battle on Two Fronts

The action today smacks of a market continuing to probe, but hold, near-term support on both the IWM (small caps) at the $134 level and the 2290 level on the actual S&P 500 cash index. Both of those levels are places we have been keying off for Members in terms of whether any type of meaningful downside will flow from the vast array of market fades we have seen off of rallies lately. 

Simply put, dip-buyers are doing their jobs at important support levels, but when it comes time for an upside breakout the hesitation is enough to cause some more choppy action. GILD and the biotechnology sector comes to mind, with Gilead's earnings dump failing to cause any meaningful selling in the IBB, even if GILD itself looks dead in the water for the foreseeable future. But the likes of CLVS ESPR EXEL TSRO have thrived today, and therefore I have my eye on an AMGN long setup later today given that chart's resilience. 

Overall, it is a slow-paced day after some morning swings. We have several ideas to review but until some more conviction sets in, beyond buyers defending the battle on two fronts, treading lightly is still likely correct.