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That 50-day EMA continues to be stubborn today...

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The Nasdaq pierced it, but has since fallen back below it.

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10-year Treasury yield is down again as there is some move to safety (bonds) today because of the weakness in stocks. But that looks like a bull flag. The question is whether that open gap gets filled or if the immediate support holds...

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The S&P 500 is making an encouraging move above some resistance, including the 50-day EMA, but the close will be key.

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The small caps have been even more impressive having broken its short-term resistance line and 50-day EMA last week, but it's now up against some longer-term resistance.

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The Transports had a good morning but it has so far failed at breaking out above the 50-day EMA and descending resistance line. It needs a strong close or else it may be testing the 200-day EMA again soon.

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The S&P is off the lows but it didn;t fill the open gap near 2700 yet. It also opened another gap near 2725 in the process...

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Tracking the gaps... Today's rally is trying to fill Tuesday's gap. Last week's gap was filled yesterday. Monday's highs got in, but didn't quite fill the gap from last March.

Red gaps are open or partially open. Blue gaps are filled.

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tsptalk said:
Tracking the gaps... Today's rally is trying to fill Tuesday's gap. Last week's gap was filled yesterday. Monday's highs got in, but didn't quite fill the gap from last March.

Red gaps are open or partially open. Blue gaps are filled.
Click to expand...

Yesterday's gap is now officially filled. Will that act as resistance?

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The F-fund is rallying nicely this morning but it's running into its first level of resistance. The top of that open gap however, looks like a potential good target for any relief rally, if it can get past this current resistance.

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Good start for bonds this morning as the gap from April 14 is starting to get filled on the 10-year Treasury yield - but it opened another gap in the process.

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The credit market is getting shaken up this morning. This double bear flag on HYG is finally breaking down...

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The S-fund index is using every inch of the wiggle room that rising wedge is giving this morning, but it gave up the early gains and a close below the old high would be a failed breakout. Be careful here.

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