The weekly chart shows we're still in a long-term uptrend. Prices broke out of a triangle pattern a few weeks ago. The MACD is rising as is the RSI. Prices are about the 10 and 20 week SMAs -- which will now provide technical support for prices. The 10 week SMA has crossed over the 20 week SMA which is a further bullish development.
The daily chart shows a consolidation/pullback. First, note the MACD has given a sell-signal. Also note the RSI is showing weaker prices. Some of this is due to the consolidation of gains in the second triangle pattern on the chart -- a consolidation that occurred after prices broke out of a longer consolidation pattern. But also note the 10 day SMA is about to cross over the 20 day SMA and prices are right at a trend line. None of these are bearish developments as indicated by the weekly chart. But they do indicate traders are at minimum considering the possibility of future gains in light of the current economic backdrop.
