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“I have always believed that it’s important to show a new look periodically. Predictability can lead to failure.” – T. Boone Pickens

You can’t get much flatter than where equity futures are at the given moment, but then again, you can’t get a more quiet time of year than a Wednesday in late August.  In COVID related news, China has reportedly started to re-open its Ningbo port after a two-week shutdown, Japan is set to spend an additional 1.4 trillion yen on additional COVID vaccines with two-thirds of the directed towards the purchase of boosters, while JNJ announced that an early study shows a boost in the body’s immune response to a booster of its COVID vaccine.

Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including the latest US and international COVID trends.

It’s been quite a wild ride for small caps over the last few days.  After failing to retake its 50-day moving average (DMA) in early August, bulls gave up in the middle of the month, and the Russell 2000 experienced a quick sell-off that not only tested the lows from mid-July but also broke below the 200-DMA for the first time in nearly a year.  The break of the 200-DMA didn’t last long, though.  Last Friday, the Russell 2000 bounced 1.6%, and that was followed by a 1.9% follow-through on Monday and then another 1% rally on Tuesday.

In the span of just three trading days, the Russell 2000 went from testing the 10% threshold for a technical correction to the point now where it is actually in the upper half (barely) of the trading range it has been stuck in nearly all year.  Despite that bounce, though, the Russell heads into today still just below its 50-DMA.  With it already rallying 1% in each of the last three trading days, does it still have gas left in the tank to get back above that level?  That will be the big short-term test.

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