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ProShares UltraShort Lehman 20+ Yr($TBT) is currently in pullback mode after a two week bounce on higher volume that closed back above the 10-week MA. $TBT does have support from a prior swing low at $74 in late September (marked S1 on the chart below). If the $74 level holds, then $TBT will print its first higher swing low within the current 14-week consolidation.

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The Guggenheim Shipping ETF ($SEA) has formed a bullish, 8-week consolidation above the rising 10-week MA. We also see the base forming above the “dirty” uptrend lime in red. We call it a dirty uptrend line because there are a few lows on the weekly candles that dip below our trendline. Drawing a trendline for us is more about finding a line that makes sense on the chart, rather than some rule in a trading book. The only solid rule we have with a trendline is that it must have three touches to be considered valid. Until then, it is simply just a line that may or may not provide support.

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SPDR Gold Shares ($GLD) remains in a clear downtrend after breaking down below the 50-day MA in September. Rather than bottoming out, $GLD looks poised to move to new 52-week lows soon with two lower swing highs already in place. A bounce to the 20 and 50-day MAs would present us with an ideal entry point on the short side. Note that the 20-day EMA has crossed back below the 50-day MA, and that all the major averages are now trending lower.

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