The averages are still in a strong rally. The IWMs are right below the 50 day EMA, and the SPYs and IYFs are right at the 50 day EMA. Given the strength of the rally, I'd like to see prices drop to one of the shorter EMAs, thereby allowing some traders to take profits and others to get into the market. The continual decline in volume is still a concern however, because it indicates a growing lack of interest as prices rise.
The IEFs remain below the 50 day EMA with the 10 day EMA crossing below the 20. This is important, as it is occurring on a day when the Treasury market is open.
The above charts could provide an argument for an overall reversal of trend and sentiment.