Possible Breakout and Up?

I don't like it, but could there be another leg up?

Despite the turmoil in the bond markets and rapidly rising mortgage rates, equities could be poised for another move up. After consolidating and working off some overbought indicators, the declining 200 day EMA (green line) remains as the final hurdle on the NYSE Composite and the S&P 500.

Futures are up pre-market.

A green day today could result in a break out and to the upside of this consolidation for the NYSE Composite Index. Prices seem to keep finding support at the rising 20 day EMA (blue line).

A green day today could result in a break out and to the upside of this consolidation for the S&P 500. Prices seem to keep finding support at the rising 20 day EMA (blue line).