IWM Getting Close

IWM is trading ~8155 right now (testing March 29 low of  8158) which is below yesterdays low, below the VWAP of the March low thru yesterday high and below the rising 50 day moving average (see inset chart).  To those who haven’t been listening to the market it probably looks like they should sell their longs, but the market is down over 5% in the last week, does smart money wait for a pullback of 5% to sell?

There is zero technical evidence that this market will bounce, just the opposite, but my plan for today is to let this bleed out a little in the morning, see if the daily vwap is recaptured early and then to go cautiously long for a daytrade.  If it acts well through out the day I may consider a hold on part of it, but the 5 dma is declining and the close is 7.5 hours away, a lot can happen in that time.