Market Analysis: US

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

The daily chart shows:

• 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

Summation: All the major averages are showing weakness in the form of broken trends, downward sloping formations and weakening momentum.  But this is not a major trend yet; instead, it's a disciplined move lower.