Although the IWMS (Russell 2000) ran into upside resistance from a downward sloping trendline, it is still in a rally; prices are still above the trendline that started at the beginning of March. In addition, the 10 and 20 day SMA are moving higher and have moved through the 50 day SMA. Prices are currentlyh using the 10 day SMA for support, which is also good news. Also note that prices have not crashed sicne the formed a top, but instead are moving sideways.
The QQQQs are bouncing around the trend line that connects recent highs. In addition, the 10 and 20 day SMA are moving higher and have moved through the 50 day SMA. Prices are also above all the SMAs.
Although prices broke the upward sloping trend line, they are still above all the SMAs. In addition, the 10 and 20 day SMA have moved through the 50 day SMA and both are moving higher. Finally, the "sell-off" of the last few weeks has occurred on lower volume, indicating we're not seeing a massive rush for the doors.
On the DIAs, prices are still above the upward sloping trend line and all the SMAs. In fact, prices are using the 10 day SMA as technical support. The 10 and 20 day SMA have moved through the 50 day SMA and both are moving higher.
Bottom line: prices are consolidating here. On the good side, they are not crashing. In addition, all of these indexes are showing volume drops which is encouraging.
