I've come to learn that the Russell leads down, and leads up. Something I have been advocating since my time at SOH years ago. It is "forward" looking and therefore I like to use it as such. The ratio shows here, shows me that momentum is heavier toward "risk taking" if the slope of the ratio charted is positive. Negative otherwise...when combined with a 10 day ema I can get a sense of where traders are heading.
This perspective gave weight to a bullish bias for me in the short term, but after today, that may have changed. I really would have liked a collapse of IWM to seal the deal for the bear case and until that happens, I'll play it defensively.