Lower Highs with Lower Lows Affirmed

Over the past two weeks I've been paying attention to the IWM as this index was showing continued weakness, particularly in relation to the QQQ.  One of the pivot levels I was focused on was 138.  This area was the first lower high after making an ATH.  While nearly clipped earlier this week it has remained unbroken for 13 trading days.  Additionally of the three trading days this week, two have been range days with higher volume to the downside.

IWM 04/05

The SPY has also been unable to make fresh ATH and continues a pattern not dissimilar to the IWM.  While a recent lower high was clipped today, the fade by end of day brought it back below.

SPY

The QQQ continues to be the strongest of the three, making a fresh ATH today yet reversing to finish near the low of the range on high volume.

QQQ

Also of note is an increase of new lows to highs across three time frames.

New Highs New Lows

The next key pivot level I'll be paying attention to is the 03/27 lows.