UUP is now in uptrend after double bottom in May and August.. It has gone up from 21 to 22.27, about 6%, in September. MACD indicates imminent weakness, and so does Stochastics. But if this is a real uptrend UUP could continue to move higher.
GLD might have experienced a blowout top, or a double head top, in August and early Semptember. It's now looking like a pennant with pole starting at 175 down to 155, which would suggest a drop to 140 if the lower edge of the pennant is broken. Of course, its 200-day MA is still moving up and at 150, it suggests that the uptrend is intact. And daily MACD seems ready to indicate a buy signal. So there are opposing signals. Received wisdom says that formations and trend are more relevant than indicators.
USO still in down trend, after making new lows at 29. The 50-day MA is resistance, today around 33.25, while price is at 32.04. If the mini rally brings it near its 50-day MA it could a shorting opportunity.
DBC in down trend, at 26.35. Support could be found in the 24-25 band, however after the gap own in mid-September further weakness is to be expected.
$TNX in downtrend, may be getting ready for another drop?
SPY has gone through two months of great volatility, but it doesn't seem to have formed a meaningful bottom yet, so the down trend hypothesis still holds. Any strengh should be a selling opportunity.
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