The 5-minute, 10 day chart shows the SPYs are still consolidating in a triangle pattern. Also note the extremely volatile nature of trading, especially in the last seven days. There are 4 large gaps -- three lower and one higher. That's a pretty extreme trading environment -- and one usually indicative of a bear market.
For the last three days, prices have hovered around key support levels. Also notice the shorter EMAs are clearly providing resistance for trading. If prices are going to move higher, they need to make a strong move through the 10 and 20 day EMA (which are also bearishly aligned). I'm still of the opining prices will retest the 112 area over the next few weeks -- the fundamental news has nee too bearish and the chart has few positives.
While the technical of the long-end of the Treasury market are still positive, notice that prices have not moved significantly higher over the last few weeks -- despite having ample fundamental fodder to do so. Remember the high negative yield the Treasury has right now -- meaning the only real return for a Treasury investor is capital appreciation.
On could argue the TLTs have formed a double top on the 5-minute charts. But I think this is a bit of stretch -- the tops are not clear and strong. I would instead argue prices are simply moving sideways. 111.50 is clearly an area of support for this market.
So, the equity and treasury markets are consolidating,
