On Monday, the Russell 2000 ($RUT) was breaking out to an all-time high intraday. Unfortunately, it wasn't confirmed on the close as this benchmark of small cap stocks reversed late in the day. It not only left a bearish tail to the upside and closed at its open and near its low of the day (aka shooting star doji), but this failure was notable because it was at all-time closing high resistance. It doesn't help that it occurred on April 13th, just before income tax liabilities are due. The balance of today will be interesting for sure, but based on yesterday's technical developments, the odds appear to be stacked against small caps in the very near-term. There's also a long-term negative divergence in play, further muddying the waters for the longs. A battle could take place just beneath the 1250 level where gap, price and trendline support all converge. A close above 1267 would negate this bearish development. Check out the chart: