On the weekly CRB chart, notice the following:
-- Prices have been dropping hard for the last three months. They are now at their lowest point in over three years.
-- Prices clearly broke the uptrend that started in the summer of last year
-- Prices are below all the SMAs
-- All the SMAs are moving lower
-- The 10 week SMA has moved through the 50 week SMA
-- The 20 week SMA is about to move through the 50 week SMA
On the daily chart, notice the following:
-- Prices are below all the SMAs
-- All the SMAs are moving lower
-- The shorter SMAs are below the longer SMAs
-- Prices have continually broken through previously established lower to make new lows
-- Prices have dropped about 36% in the last three months
Bottom line: both of these charts are bearish.
