Defying the Angry People of the Internet

On an otherwise dreadful day for the Nasdaq and Russell, Yelp is quietly green and continues to sport a tight, enticing daily chart, updated below. 

YELP had every reason to get crushed today, as many tech names are taking it on the chin and noticeably weighing on the broad market. Instead, we have a nice base and a noticeable dearth of sell volume the last two months. 

On a fundamental level, Yelp has also taken bears' best shots the last few years regarding its business model (suspect reviews, etc.) and has come out on the other side basing above it daily chart moving averages. 

To be sure, the broad market action this afternoon especially is concerning in the short-term, with IWM and QQQ both pushing session lows as I write this. So, buying YELP is not of the utmost urgency right here, right now. 

But once the selling pressure alleviates in tech, I suspect the relative strength in YELP may prove to be the breakthrough moment bulls have patiently been waiting for in the name for many years now.