The top chart is a 60 minute chart of the SPYs.
- Prices have moved in a downward sloping channel from the 159 to 154 level since April 12.
- After hitting 154 we see prices move higher into the 200 minute EMA.
- Momentum has shifted giving a positive signal, but the indicator is still negative
- a disciplined sell-off forming a downward sloping pennant pattern
- the 50 day EMA is currently providing support.
- Prices have broken the support of the trend line connecting the late December 2012 and February 2013 lows.
- The MACD is weakening, although still positive.
- We see an increase in volume on the most recent sell-off
The daily QQQ shows the following
- Prices have broken the trend line of the mid-November, late-December and late February lows for a second time.
- The most recent trend break has been by a solid candle on higher volume
- Prices have also broken the 50 day EMA
- Momentum is weak
- The MACD has given a sell signal
On the daily IWM, notice the following:
- The MACD has been weakening since February
- The MACD is now in negative territory
- The CMF is very weak
- Prices have hit the 94.5-95 level twice, only to be rebuffed.
- Prices are below all the shorter EMAs
- The 10 day EMA is about to cross below the 50 day EMA
- Prices are using the top Fib fan for technical support