On the weekly chart, notice that prices have sold considerably from their peak at the beginning of this year. Also note that prices are near the trend line that they broke through near the end of last year on their way to bubble-land.
Notice the following on the daily chart:
-- Prices are in a clear downtrend
-- The 10 and 20 day SMA have moved through the 50 day SMA
-- The 10 and 20 day SMA are moving lower
-- Prices are below the 10, 20 and 50 day SMA
Bottom line: this is a market that is moving lower. I wouldn't be surprised to see a bear market rally to the 10 and 20 day SMA. But that would be a reaction rally. Barring new fundamental developments, this is a market that is moving lower.
