07May3:34 pmEST

Revising Strategy from Here

Small caps, and indeed the broad market, are seeing some initial fading at prior resistance after a sharp run from the lower end of its multi-month range. 

However, when we view this action in context, on the IWM small cap ETF daily chart, below, we can see that an initial fade is not necessarily reason for concern. 

Similar comments apply to energy and the fade we are seeing there this afternoon. 

As long as bulls can avoid a move back below, say, $155 on the IWM, the presumption is to continue to seek out individual stocks and niche sectors outperforming.  

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