Morning Market

I wanted to start with the IWMs today, because they highlight the need to look at multiple markets to get an idea for what is happening overall.  The Russell 2000 is the riskiest of the markets.  Therefore, it often leads higher and lower.  Notice the IWMs broke an uptrend three days ago and have been moving lower in a channel ever since.  This trend break was a harbinger of yesterday's action in the SPYs:

The SPYs took longer to break their uptrend, but they have done so.  Also note it's possible to argue prices have also formed a double top over the last 4 trading days.

 

While the TLTs moved higher yesterday, the daily charts shows they are still stuck below resistance.  Also note the IEFs are having a hard time making significant upward progress as well.  What's interesting is the dollar has now taken over safe haven bid status in the markets, being the "least dirty shirt in the hamper."

Oil is still incredibly weak technically.  Prices are below the 200 day EMA and have broken through short-term support.  Also of note is the sell signal given by the MACD.  This chart represents demand destruction -- people using less gas.  It should also be noted this represents a stronger dollar.

The total of these charts is still one of an economic slowdown or recession.