The above four charts show the IWMs, IYTs, QQQs and SPYs. All are still waiting for a breakout. Notice that none of the charts have printed a strong, bullish candle over the last week, and only one or two over the last two. The bottom line is we're just not seeing a strong move from these levels yet.
The IEF daily charts shows that prices have bounced from the 50 day EMA and are moving higher.
The above chart -- the 30 minute IEFS -- holds the key to a lot of the upcoming movement. Prices have one more area of upside resistance -- the 61.2% Fib level of 105.44, which is .2% above the IEFs current price. If prices move through that level, they've got a clear run to the high established on December 19, which is .75% above the 105.44 level. A move to that area would tell us that traders have moved into a safety posture rather than a risk-on posture.