Slow Down There, Buddy

Much like I am sure the traffic will be hot and heavy on the Garden State Parkway down to the Jersey Shore points like Monmouth Racetrack to place wagers on sports, not to mention Atlantic City, bulls may have been a bit too zealous this morning in the face of an extended market.

I have been a net seller so far today, selling more positions than taking on new ones, though I still see some quality setups emerging I will revisit for Members in the Midday Video.

That said, for now I am keying off the following IWM daily chart of the small caps, which shows price understandably slowing down at both the upper Bollinger Band (short-term overbought), as well as pro highs from January and then March at the big, bad, $160 round number. 

A few days of basing or lightly dipping would not be the worst thing in the world for bulls--They just need to avoid the dreaded high sell volume rollover in the coming days to avoid a nasty surprise for the unofficial start of summer in two weeks.