QQQ is still in high levels - longer term uptrend is not yet broken. As volatility has picked up recently, this correction might go deeper. This wouldn't surprise me, even if I don't like to short QQQ here.
IWM could be an early indicator that something is wrong with this market. But be highly alerted! The correction right now could be over in a very short time. IWM could be the first ETF to jump high faster than the others.
SPY/TLT shows the comparison of the price action of SPY and TLT. It looks like the money flows into TLT instead of SPY. This could be an important indication of future weakness of SPY, but is not a sure sign. This means that you could be fooled by this chart, but more caution is good advice here.
SPY looks bearish to me although we could see a hard bounce back in the next week/weeks. Before I get in again I would like to see some confirmation of the positive chart action of the past as 50 MA and the uptrend line are acting like resistance right now.
QQQ doesn't look very bearish until now. QQQ is the only chart where the current correction looks like a small dip compared to IWM and SPY. Let's see how this chart will develop. I don't like to go short here (nor long) because the volatility could rise further. I don't want my fingers get burned here.