The above 60 minute charts show that prices have been consolidating for the last 5 days. All have broken short-term trend lines. The QQQs are moving sideways while the IWMs and SPYs are moving lower, with the IWMs' at the 61.8% Fib level and SPYs approaching it.
The above chart show the SPYs and QQQs are still in an uptrend, but the IWMs have yet to break through resistance. This is a bit troubling, as a strong rally higher should include the Russell 2000.
In addition,
The transports are in the same position technically, as the IWMs -- they haven't moved through resistance established in early February.
Part of the reason for the last few days of equity market action is the rebound rally in the treasury market -- yields are attracting some investors to move back into the market. However, as I pointed out yesterday, foreign equity markets in the BRIC areas are consolidating or moving lower. In addition, there is concern about European Growth after the release the EU Markit manufacturing and service sector statistics.
