Adam,
It is a strong, reliable indication that large players are cleverly accumulationg at the lowest average price for LONGER term inventories.
Think like you were one of them. You have a plan to accumulate over many days and you statrted to do so last Monday. At the close, the intraweek 4-day VWAP was 79.77. Today you want to accumulate below the expected IWM intraday VWAP on weakness. Since we have initial weakness, the best course of action is to accumulate around 79.77, so as to keep your VWAP in line with the weekly VWAP, but below the intraday VWAP.
Just look where IWM found its first support of the day, also above daily pivot (79.71) keeping a positive bias for the day. Billy