GLD has briefly passed 180 and is now at 179.95. It's 25% above its 200-MA, which is pretty extreme, and likely not going to last at this level for long. However, it's hard to pinpoint the timing of a coming mild correction in this strong trend.
USO went below its 52-week low of 31.50 and reached 30.50 intra-day, before bouncing back up to 34.5, and now has resumed its downward path and is back at 31.50. The trend is down, any slightly overbought signal is a shorting opportunity, especially after a close below 31 (which hasn't happened yet this time). If this important support level is broken, the next target is in the low twenties.
DBC, at 29.10, is in a down channel, currently halfway between the two channel edges. It did not complete the possible head and shoulder pattern that seemed likely a couple of weeks ago. Resistance is around 30, support around 27.
$TNX fell past its support at 24 and is now at 20.71, the low point reached during the 2008 market crash. It's hard to imagine that it would go any lower. UBT is at 113.70, and its 200-day MA is at 81.1, so it's at 40% above its long-term MA. Now that's really extreme.
TFI is at 23.32, in a solid uptrend. Seems destined to go higher.
SPY had another bad week and dropped 4.64%, to 112.64. The bear market seems very very likely, after the bounce to 121 failed to gain any further. The bounce is a typical behavior after completing a head and shoulder top, and now we can expect it to keep falling, unless of course the support at 110 holds. 110 is a very important level and if it is taken out, the next stop seems to be 100.
Headlines at Yahoo Finance are still talking about buying opportunities, which seems to indicate we're still in the denial stage. If this is the start of a real bear market, there is a lot of space to be covered to the downside, and we'll have to get to the final stage of despondency before we see the real bottom. It could take months.
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