Looking at the component charts of the T2 default model, which contains both equity and bond based issues its clear that the bulls are still in charge. The lowest 4 ranks are all bonds and gold...that's as bullish as it gets. The charts also reveal the XLU continuing surge while QQQ looks surprisingly neutral with a flat RSQ.
From this view IWM is the much better bet than QQQ but that could change if Apple gets something going.
Bonds, especially TLT, are getting het hard so our decision to back out of Treasuries was a good one in hindsight.