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The SPYs are a bit overextended right now. They have crossed over the 200 day EMA and are also above all the EMAs. The 10 and 20 day EMA have crossed through the 200 day EMA and are moving higher. The 50 day EMA is about to do the same. However, the recent price trajectory is extremely sharp and won't last -- actually, can't last.
The QQQQs have also covered a lot of ground in a short period of time. Prices are above the 200 day EMA indicating a bull market. Prices are also above all the EMAs, the shorter EMAs are above the longer EMAs and all the EMAs (even the 200 day EMA) are rising. While prices are over-extended at current levels, that simply means they have moved up quickly and will probably pull back from these levels.
Like the other two averages, the IWMs are also over-extended. However, notice the EMAs are taking on a very bullish orientation as well -- the shorter EMAs are above the longer EMAs, all the EMAs are rising and prices are above all the EMAs. Also note the 50 day EMA is just crossing the 200 day EMA.
The transports are confirming but there are two technical points that raise concerns. The first is the 50 day EMA is lagging the 50 day EMA of the other averages. In addition, prices have not advanced as strongly as the other averages. However, these are minor points.
Ideally what the bulls would want here is for the averages to consolidate for a few days. The -- assuming a good jobs report on Friday -- again moving higher after a few days of consolidation.