Bonds have broken to the upside and the US Dollar may soon follow. Both of those things would typically imply bad things for equity markets. But thus far, equity markets have held support. Emerging markets are often a good lead indicator, and thus far support has held for emerging markets (here, using EEM as my proxy).
First in, a look at a 9 month chart showing the supportive trendline:
Then, a 3 years look showing that trendline extended back to the 2008 top:
The S&P, though forming a long term "rising wedge" (which is typically bearish), is in the short term, near support. First, a look at the near term support areas: 1) trendline support, then 2) the 50 moving average is a few points below the trendline. Both should be supportive.
In the longer term though, the chart sets up poorly as rising wedges typically resolve to the downside...