Start of the July 18 week

The US Dollar (UUP) is still in a long term DOWN trend, albeit it is slowing down. It is also still inside a 10-week triangle started in early May. Intra-day: 21.52.

Gold (GLD) is off to new highs, at 156.22, following the break above resistance at 153.50. All oscillators are flashing overbought, so nothing to do here.

US oil (USO) is still trendless, at least on the long term. The long term trading channel is between 32 and 46, and today we're at 37.54, below both the 200 and the 50 day MA, which are 38.90 and 38.43, respectively. Oscillators are giving mixed signals.

Commodities (DBC) are in a long term UP trend, but weak on the intermediate term. Today DBC is at 30.34. There is good resistance at 30.50. Oscillators are on the overbought side, but not quite flashing sell signals yet.  DBC may be ready for a leg down to the 28.5 level. 

The Thomson Reuters/Jefferies CRB Global Commodity Equity Index (CRBQ forever hence) is a little ahead of DBC in showing loss of upward long trend and is showing a 3-point DOWN trendline in the intermediate term, while the oscillators are mostly overbought.  However, there could be a flag in the making in the last four weeks, but it would be a bullish flag, which is against the intermediate term trend. Today it is at 50.19, resistance at 51.50.

The 10 Year Treasury Note Yield ($TNX) is not in a clear long term trend, but its 40-week MA is moving up. The long term channel is between 24 and 40, today we're at 29.24. The intermediate trend is DOWN, but there was a recent spike to 32 which may have some significance.  If the June 27 bottom at 28.50 holds, we might be looking at a double bottom and the start of a new leg up.

The NYSE Index ($NYSE) is in a long term UP trend, however at 8,118 is just below the 40-week MA (8,133). The intermediate term is trendless, in a range between 7,900 and 8,700. There is the appearance of what to me looks like a head and shoulder pattern, which would be complete with a decise drop below 7,900.  Oscillators are mixed: Slow Stochastics gave a sell signal a week ago, MACD is giving today, but RSI(10) looks already mildy oversold at 41.