There's good and bad news in the equity market situation.
First, the QQQs have broken out. Most importantly, we see a really nice, bullish candle print yesterday. In addition, the MACD is showing an improving momentum situation. While the volume is a bit lacking, you're not going to get everything you want out of a rally. However,
Neither the IWMs nor the SPYs have made any more of an advance since their early week highs. More importantly, neither has advanced with the QQQs, indicating that the QQQs advance was the result of a particular stock issue or sector rather then a good feeling about the economy or markets as a whole.
The daily charts of both the IWMs and SPYs show the weakness of each respective market. The IWMs are back below resistance and the SPYs have not made a strong move yet.
Also consider that the markets should have all moved higher yesterday with the ADP report and the initial jobless claims print -- both of which were extraordinarily good.
The markets may be pausing in anticipation of the BLS report later this AM. However, not rallying yesterday indicates there is serious concern about something right now.