The FX and bond markets are trading logically, and any major news or headwind could change trend in the equity markets, and quickly.
Only two indices remain in near-term uptrends.
Here are some tools to determine whether we can expect big market shifts.
The likelihood of support levels being tested has increased.
I don't expect to see the bears and shorts press too hard right now but there isn't going to be much upside momentum.
If there were any real risk of a major selloff I think the VIX would have begun popping.
The most notable technical event on Tuesday happened with the Dow Transports.
All indices are now in short-term uptrends and above their 50-day moving averages.
A close look at the charts and data as earnings season approaches.
The indices are in good shape technically, although there was choppy and inconsistent action under the surface Thursday.