Investors are nibbling today, casting a line in the small cap pond. The Russell 2000 is showing signals of a turnaround, making it perfect for quiet accumulation.

The IWM ETF is retaking its 50-day moving average, hitting a five-week high with key resistance at 177.83.

All eleven sectors are higher, led by Communication Services, and followed closely by Materials. The mega cap names are all gaining, while the Utilities sector is the weakest performer.

All eyes will be on Netflix (NFLX) after the bell when it reports its earnings, which could set the direction for trading tomorrow. Investors are waiting to find out how many subscribers it lost in the past three months, as the company warned in the first quarter earnings call.