As of 1:00 pm ET today (April 4), the daily Heikin Ashi candles on the SPX haven’t flipped to green, yet.

Nor have the DJIANDXCOMPQRUT or OEX HA candles.

Nor have the FAANGs HA candles.
 

However, yesterday and today’s HA candles on the 10 YR T-Notes have (so far). Do we have a potential reverse Head & Shoulders formation in the making? If we see a neckline breakout soon that holds (and thwarts that scenario), further equity weakness may continue (watch for the momentum indicator to remain above zero). Otherwise, such a formation may develop over the next couple of weeks with equities gaining some strength, albeit on elevated volatile price swings. But, first, we’d need to see a green HA reversal candle form and hold on the SPX and the other major indices.
 

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