March Madness...or March Sadness

As exhilarating as some parts of today's trading session have been for bears, what with the unceremonious drops on the indices throughout the day, the truth of the matter is that bears may still be set up for march "sadness" if they cannot violate the two-year-plus uptrend in the IWM, ETF for small caps in the Russell 2000 Index.

On the IWM weekly chart, updated below, a rather simply but effective and obviously rather relevant trend line has guided price higher since early-2016. 

We can talk all we want about inflation, the Dollar, the new Fed Chair, tariffs, headwinds, and poor breadth. 

But sooner or later this chart will be the intermediate/long-term litmus test--$142.50 are the initial lows to breach for bears to get a more serious look from market pundits at inflicting some real march madness onto bulls. 

Into the bell, I am still eyeing relative strength longs like ZG but am not in a rush to mix it up too much, just yet.