All three equity markets have now moved through key areas of resistance. The IWMs (top chart) did so last week, while the QQQs (middle chart) and SPYs (bottom chart) did so two weeks ago. In addition, all markets have been in a rally since the end of May. We also see rising MACDs, strengthening prices and rising EMAs which are also bullishly aligned. In short, what we have here is a rally.
The weekly treasury market charts are also indicating a bullish orientation. All have broken long-term trend lines and all show declining momentum. Note especially the weak bar on the TLTs (bottom chart) -- which represent the long end of the market.
