The above three charts are 60 minutes charts for the SPYs, QQQs, and IWMs, respectively. The SPYs and IWMs are in a trading range, consolidating gains sideways. The SPYs still have support at 134, while the IWMs have support at 81. The QQQs have broken trend and have support around the 62.7562.50 level. Both the SPYs and IWMs 60 minute chart shows the averages have been trading in a very narrow range for most of February -- a period of 2+ weeks.
The financial sector ETF has broken the uptrend started near the end of last year and is now heading lower, looking at support established at the end of last October. The MACD has given a sell signal as well.
While the XLIs are still in an uptrend, the MACD has given a sell signal. Also note that prices have been moving sideways for the last few weeks, printing smaller and smaller candles.
The XLYs (consumer discretionary) has also seen its MACD print a sell signal.
The health care sector has already broken trend and the MACD has also given a sell signal.
The above charts add to my concern about the markets and indicate a correction is more likely. Again, to counter this argument, I'd need to see strong advances through resistance on good volume.
