Notice that prices were in a tight range for the last 8 days. However, yesterday prices moved lower in a big way (b).
Prices gapped lower (a) at the open. And then prices ran into upside resistance at the 10 minute EMA (b). Prices tried to break through to the upside twice but couldn't get any momentum going (c), so they closed by moving through the EMAs and closing near their lows for the day (d).
On the daily chart, notice that in one day, the uptrend was broken (b) and that prices have moved through all the EMAs (c). You can also see the upside resistance area that prices had (a) for about a week.
It wasn't just the SPYs that experienced really bad technical damage yesterday; all the average were hit hard as evidence by the above charts of the QQQQs and IWMs.
At the same time, notice that the short and medium parts of the yield curve are still rallying. Notice especially the upward strength of the IEF chart; it is a perfect example of what a bullish chart should look like.
On the 5-minute chart, oil is now in a clear downtrend (a and b) with an area of consolidation (c) to consolidate the losses.
After moving through the important 80/bbl level (a and b), prices are now back down below that level and are below all the EMAs.
