Afternoon Update

3:18 p.m. ET Most of the major averages are flat on the day. The DJIA holds a modest gain, while Small Caps lag behind. SP-500 -0.05%, Dow +0.45% (Transports -0.1%), NASDAQ-100 -0.1%, Small Caps -0.65% SPY’s (3m) 3C chart (used for tracking the oversold bounce off April 19th lows) has given a signal consistent with…