Maybe not “load” up on an XBI short but yes, XBI is still backtesting the recently broken uptrend line from below, thereby offering an objective short entry or add-on with the next sell signal still/objective entry pending a solid break below S2 (94.78).

Thank you, Randy. I initiated a starter position of M2KZ24 and some bear spreads.
I figure that yields are likely to rise soon from your analysis and diverse macro signals which should be negative for banks and small caps overall.

IWM approaching its recent high with big divergences on the daily chart but still well below the 2021 peak although if it makes a run at that 2021, it will have even bigger divergence on the more significant weekly chart.

Small-caps have fully priced in falling rates that haven’t even come close to materializing yet. Average maturity for debt (bond) issuance for small caps is right around 5 yrs vs. 8-9 yrs for large caps. $FVX (5-yr Treasury yield) remains near the upper end of the multiyear range & has steadily rising since last month’s 50bp cut, which does nothing to help & so far, should be a net negative for the small caps. Either way, charts before fundamentals IMO so need to see the uptrend line off the Aug 5th lows get taken out for a sell signal on IWM (unless we get a decent candlestick reversal pattern before then).