The QQQQs are now above previous highs, and are making new highs
The DIAs are near their yearly highs, and simply need a push to continue their upward trajectory.
The IWMs -- while below key yearly levels - are just below key resistance levels as well.
The Transports are also making new yearly highs.
The point of the above four graphs is to demonstrate the market breadth is hitting across all markets, not just the SPYs. In other words, the rally is part of all markets.
Also note that all the above markets are at or near key levels, indicating they are waiting for the Fed's decision tomorrow.
The long end of the curve has led the way lower. Prices have broken a clear uptrend and are moving lower in a disciplined downward sloping pennant pattern (a). Also note that money is leaving the market (c and d) and momentum is clearly negative (e).
Now the mid part of the curve is starting to sell off a bit. Prices have broken a long-term uptrend (a), money is leaving the market (b and c) and the MACD is moving lower (d).
I'm on Linked In and Twitter (@captivelawyer). Silver Oz's Linked In name is @silver_oz. NDD is a fossil and may be reached by etching a picture in stone on the wall of a cave.
The Bonddad Economic History Project
At the beginning of 2012, I decided to start looking at the actual, statistical history of the US economy starting in 1950. The reason is simple: to find out what really happened. So, when you see title of a post that begins with a year such as 1957, followed by "employment" or "Fed policy: you know what it's for. You can also access the information by typing in BE for Bonddad econ and a year to find information on a particular year.
Here is a link to pages that contain links to all the posts on the years listed.