The top chart shows that the SPYs have broken through most upside resistance and are now in the middle of a simple sell-off during the rally as traders take profits. The 60 minute chart (lower chart) shows that prices are currently in the middle of standard Fibonacci support.
The real issue for the market right now is the fiscal cliff. Assuming a deal emerges that the markets like, expect the 147 handle on the SPYs to be vulnerable to a strong breech.
The weekly charts of the long-end of the yield curve are showing increasing technical weakness. The TLHs (10-10 years, top chart) have decreasing momentum and volume flow. In addition, prices have broken support established during a rally earlier this year. The TLTs have broken shorter them support, have decreasing momentum and a weakening CMF picture.
Yesterday, oil made a strong move higher on decent volume. The next logical area of resistance is the 200 day EMA.
I'm on Linked In and Twitter (@captivelawyer). Silver Oz's Linked In name is @silver_oz. NDD is a fossil and may be reached by etching a picture in stone on the wall of a cave.
The Bonddad Economic History Project
At the beginning of 2012, I decided to start looking at the actual, statistical history of the US economy starting in 1950. The reason is simple: to find out what really happened. So, when you see title of a post that begins with a year such as 1957, followed by "employment" or "Fed policy: you know what it's for. You can also access the information by typing in BE for Bonddad econ and a year to find information on a particular year.
Here is a link to pages that contain links to all the posts on the years listed.