First, note that prices have broken a trend line (a).
A closer look at the break reveals that prices attempted to move through the 50 day EMA twice (a and b), but couldn't get through resistance. Prices have been selling off, printing large gaps lower (c) on higher volume (d).
The daily, 5-minute chart shows the downward gaps (a, b, and c) in more detail. Also note that prices were trading around the 34.80-36 level for several days, but have since moved lower.
On the SPYs, notice that the shorter EMAs are now below the longer EMAs and that two of the EMAs (the 10 and the 20) are below the 200 day EMA. Also note the heavier volume the last three days (b).
Like the SPYs, the 10 and 20 day EMAs are now below the 200 day EMA on the DIA chart.
The 10 day EMA just crossed below teh 200 day EMA on the IWMs.
Finally, remember the price of the longer end of the Treasury market in relation to the 2008 panic.
