The Path of Most Resistance

It appears as though that the WMT and Dow weakness, at least for today, was sufficient to overpower the strength in many parts of tech, as the Nasdaq flipped red late this afternoon. I see names like AMZN fading well off session highs, which compels me to stay and even add to index shorts as hedged against my equity longs inside Market Chess Subscription Services.

Beyond that, one of our key "tells" for this tape continues to be the Russell. 

On the IWM ETF daily chart, below, note the 50-day moving average (arrows) turning price away today. It may not amount to much if bears fail to sustain a sharp move down this week.

But today's action tells me that the typical V-shaped rally back to new all-time highs may be a bit too ambitious for bulls to rely upon.