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.

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.

After a breaking down below a significant support level at $25 earlier this year, iShares Silver Trust ($SLV) has formed a five month consolidation pattern at the lows. After a few months above the 50-day MA, the price action cracked the 50-day MA in early November and broke the uptrend line.

After shaking all the longs out with a close below the 20-day EMA and downtrend line last Thursday, Financial Bull 3x ($FAS) has closed above the 20-day EMA the past four sessions.

After a 180% run up off the lows of June, Direxion Daily China Bull 3x ($YINN) finally looks to have run out of steam after printing a bearish engulfing pattern on the weekly chart below. Note the pick up in volume on the bearish reversal as well.

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.

After several months of consolidation, the price action in $YCS has tightened up considerably, which is bullish. Notice how the distance from each swing high to swing low has tightened up since June and July.

The NASDAQ Composite fell 1.9%, slicing through the 20-day EMA and closing at the lows of the session. On the chart below, Thursday’s selloff put the weekly chart back below the upper trendline, and is more than likely headed to the 10-week MA within the next few days.

Turnover eased on the NYSE but picked up on the NASDAQ, producing a distribution day on the NASDAQ Composite. By our count, this is the 6th distribution day in the past three weeks. We have four days of churning (higher volume stalling action), plus two more days of heavy volume with a lower close.

After breaking out from its last base at $58, $DLS found support at the rising 20-day EMA after a slight three-day undercut of the average. $DLS has once again pulled back to and undercut the 20-day EMA, where there is also support from the 38.2% Fibonacci level and the prior swing high of the last short-term consolidation.