On the weekly chart, notice the following:
-- The year-long rally is clearly over
-- Prices are below all the SMAs
-- The 10 week SMA has moved through the 50 week SMA
-- All the SMAs are moving lower
Bottom line: the is a bearish chart
On the daily chart notice the following:
-- Price have been moving lower for three months
-- All the SMAs are moving lower
-- Prices are below all the SMAs
-- The shorter SMAs are below the longer SMAs
Bottom line: this is also a bearish chart.
