With a number of reverse (buy) divergences setting up it all comes down to how enthusiastic buyers are on the next up swing.
XLB - After pulling off of all-time highs (something which could be a realistic expectation as opposed to just plowing through it) it will be telling how this sector reacts from here. Building a base before breaking out higher could spell out the potential for a larger, longer-term move. Anything below this week's low would get hairy (which is the case for most sectors at this point).
TLT - though price made a higher high, it's failure at that pivot is still a reverse (sell) divergence in my eye. Important to see how much buying interest there is on a pullback lower.
So, while the trends are still intact, these are WEEKLY charts, so a continuation of the trend may not be immediate (though V-bottoms are in vogue in these markets). There are some significant resistance points overhead to keep an eye on in order to guage selling, but there is nothing overly bearish at this point.
Being that the 3/10macd fast line is less than the slow line across the board in these sectors there can be potential for a 2b-criteria short setup (probably wouldn't be for another 4-weeks or so if it were to set up). The funny thing with that type of criteria is price could still make a higher high but the momentum would be starkly divergent, but ideally the setup would highlight a lower high.