Drifting Before High Tide Tonight

Stocks have a fairly subdued feel to them today, as market players likely look forward to some major earnings tonight, such as AMZN GOOGL INTC MSFT SBUX (among others), and then GDP data and more earnings tomorrow morning before the bell. 

On our private Twitter feed for Members, we looked at the small caps trying to knock out an intraday bottom on the five-minute timeframe, below. Indeed, if bulls can hold the iWM (small cap ETF) above $141 this afternoon it will keep bears at bay instead of being able to intensify any pullbacks, as the inverse head and shoulders bottom outlined on this near-term timeframe will have merit. 

Apart from that, I see some earnings disasters like CLF and X are trying to reverse up. However, it is still probably too early to get involved with either in a bottom-fishing scenario--Waiting three full sessions is usually correct. 

More in my usual Midday Video for Members.