A look at a chart of the Russell small cap index as represented by the ETF IWM, the I-shares Russell shows what appears to be distribution of shares.
Whenever I see higher than average volume with sideways price action after a long decline I think accumulation, or short covering.
The opposite is true after a long advance. Distribution selling, or short selling.
I bought some TWM today. It is an ETF that goes up when the Russell goes down.
We'll see. It is a trade.....