-- The 10 week SMA has moved through the 50 week SMA
-- The 50 week SMA is neutral. It will turn negative soon so long as prices remain on their current trajectory
On the daily chart, notice the following:
-- Prices are below all the SMAs
-- Prices have continually moved through previously established lows to make newer, lower lows
-- The SMAs are all moving lower
-- The shorter SMAs are below the longer SMAs
-- The 20 day SMA has provided strong upside resistance for the average.
Bottom line: this chart has become extremely bearish over the last few months. There are no bullish indicators. I would expect relief rallies to occur -- rallies where traders come in because they think prices are overly cheap -- but I would not expect a sustained rally at this point.
I'm on Linked In and Twitter (@captivelawyer). Silver Oz's Linked In name is @silver_oz. NDD is a fossil and may be reached by etching a picture in stone on the wall of a cave.
The Bonddad Economic History Project
At the beginning of 2012, I decided to start looking at the actual, statistical history of the US economy starting in 1950. The reason is simple: to find out what really happened. So, when you see title of a post that begins with a year such as 1957, followed by "employment" or "Fed policy: you know what it's for. You can also access the information by typing in BE for Bonddad econ and a year to find information on a particular year.
Here is a link to pages that contain links to all the posts on the years listed.