I'd Rather Have Low and Slow Cooking Than Low and Slow Markets

We have another session of generally low volume and generally slow-paced price action. True, Powell gave the first of this two-day Congressional semi-annual testimony. But the CPI inflation print tomorrow morning still seems like it is shaping up as a the key event of the week, especially given Powell's penchant for lawyerly double-speak in lieu of decisively guiding monetary policy. 

Apple is snapping back today, while Microsoft and Tesla remain notably weak. We still have some big earnings reports to go this week, though NVDA awaits us in a little over two weeks time as the next mega cap player of note. Thus, the Nasdaq is churning, once again. 

Meanwhile, small caps are still flirting with breaking down from the highlighted bearish rising wedge on the IWM ETF daily chart, below.

We have presented this chart here and with Members previously. Despite how trendy the small cap bull rotation thesis has been, especially with Trump in office, I still see a corrective chart at risk of deteriorating further, especially given last week's 50-day moving average (dark blue line) rejection. Today, small caps are threatening to breach the rising wedge lower. A break and hold below $220 likely confirms this breach.