Stuck Just Above

Equities are mostly quiet and mixed this morning, in front of Netflix earnings tonight which should garner a bit more excitement. 

It is interesting, however, to see the small caps in the Russell 2000 Index outperforming the large caps for a change. On the IWM ETF daily chart, below, you can see the $142.30 area, just above, has been tough resistance even though it has yet to violently reject price away from it.

The net result is that small caps have spent a fair amount of time paying their proverbial dues at this potential breakout level. And the lack of resolution, heretofore, is likely causing some of the mixed breakout results we have witnessed market-wide. 

Elsewhere, I have my eye on the precious miners. They seem to be long overdue for some relief, just as energy stocks have been. Then again, as we know wth energy, merely being "due" for a rally does not amount to a trade trigger.

But if gold miners cannot rally now, in the face of the Dollar weakness and cryptocurrencies swooning, they probably have meaningful downside ahead. Most gold miner charts are in rough shape technically, though we have a few standouts on watch here for Members.