Silver/Gold ETFs Ratio (SLV/GLD) fell below its lows of the previous 20 months, reconfirming its major downtrend. Silver is more of an industrial metal, suggesting weakening demand in industries that actually make things.

U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year ETFs Relative Strength Ratio (TIP/IEF) turned systematically bearish when the 50-day SMA crossed below the 200-day SMA, suggesting disinflation or deflation.

Materials Stock Sector ETF price gave a bearish signal when its 50-day SMA fell below its 200-day SMA.

The S&P 500 (SPX: 1,331.85) rose 11.86 points or 0.90% on Wednesday. The price bounce of the past 2 days has recovered 85% of Monday’s loss of 21.30 points .

NYSE volume fell 4%, after falling 2% on Tuesday’s rally. Volume is not confirming the 2-day price bounce.

With upside bounces smaller and briefer than declines, and on lighter volume, price, time, and volume confirm the dominance of selling pressure over buying pressure. The path of least resistance appears to be down for the stock market.

The Largest Cap S&P 100/S&P 500 Relative Strength Ratio (OEX/SPX) rose above its highs of the previous 2 years, again reconfirming its preexisting major bullish trend. Large Caps tend to outperform in bearish general market trends as investors seek the perceived relative safety of large size.

The following ETFs, ranked by Relative Strength, with the weakest at the bottom of the list, closed below their closing price lows of the previous 4 months:

Brazil Index, EWZ

For extensive coverage of major global markets with illustrative charts, take a free trial for my weekly report —
click here.
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Equity Mutual Funds lost 6% in 2011, according to Lipper Research Services.
Hedge funds lost 5%, according to COO Connect.
Hedge funds suffered their second-worst year on record in 2011, according to an index maintained by Eurekahedge, an independent research firm that specializes in hedge fund data. Some of the world’s largest and best-known hedge funds suffered huge losses, down 20% to 50%.

But not all money managers were down in 2011; see:
Robert W. Colby Asset Management, Inc. (click here).

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The S&P 500 Composite Potential Resistance
1576.09, high of 10/11/2007
1552.76, high of 10/31/2007
1523.57, high of 12/11/2007
1498.85, high of 12/26/2007
1440.24, high of 5/19/2008
1422.38, high of 4/2/2012
1415.32, high of 5/1/2012
1389.07, Fibonacci 78.6% of April-June 2012 range
1388.71, low of 5/3/2012
1381.50, Fibonacci 78.6% of 2007-2009 range
1363.49, high of 6/19/2012
1362.93, Fibonacci 61.8% of April-June 2012 range
1357.38, low of 4/10/2012
1341.63, 50-day SMA
1344.56, Fibonacci 50% of April-June 2012 range
1340.34, Fibonacci 23.6% of 2011-12 range
1340.03, low of 3/6/2012
1335.52, high of 6/11/2012
1334.93, high of 5/31/2012

The S&P 500 Composite Potential Support
1329.05, high of 6/7/2012
1328.49, high of 5/22/2012
1326.19, Fibonacci 38.2% of April-June 2012 range
1306.62, low of 6/12/2012
1303.47, Fibonacci 23.6% of April-June 2012 range
1291.98, low of 5/18/2012
1289.59, Fibonacci 38.2% of 2011-12 range
1297.93, 200-day SMA
1266.74, low of 6/4/2012
1265.26, low of 1/5/2012
1262.30, low of 12/27/2011
1257.58, Fibonacci 61.8% of 2011 range
1248.58, Fibonacci 50.0% of 2011-12 range
1244.80, low of 12/7/2011
1239.73, low of 12/1/2011
1238.81, Fibonacci 78.6% of 1,576.09 high
1234.81, low of 11/3/2011
1231.04, high of 12/16/2011
1228.74, Fibonacci 61.8% of 2007-2009 range
1226.64, low of 11/9/2011
1224.57, high of 12/19/2011
1215.20, low of 12/16/2011
1207.56, Fibonacci 61.8% of 2011-12 range
1202.37, low of 12/19/2011
1158.66, low of 11/25/2011
1121.44, Fibonacci 50% of 2007-2009 range
1074.77, low of 10/4/2011
1149.16, Fibonacci 78.6% R of 2011-12 range
1014.14, Fibonacci 38.2% of 2007-2009 range
1010.91, low of 7/1/2010
991.97, low of 9/2/2009
978.51, low of 8/17/2009
956.23, high of 6/11/2009
881.38, Fibonacci 23.6% of 2007-2009 range
869.32, low of 7/8/2009
666.79, intraday low of 3/6/2009
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Fixed-Income Investments

Bond, iShares Barclays 20+ Year U.S. Treasury ETF (TLT) price has had a normal, minor correction and remains systematically bullish: above its 50-day SMA, above its 200-day SMA, and with the 50-day SMA above the 200-day SMA every day since 6/24/11. Support 124.09, 122.06, 120.60, 117.44, 115.69, 114.82, 109.69, 106.08, 103.20, 102.27, 96.31, 94.83, 93.14, 89.65, and 88.14. Resistance. 127.34 and 130.38.

Bond, iShares Barclays 7-10 Year U.S. Treasury ETF (IEF) price has had a normal, minor correction and remains systematically bullish: above its 50-day SMA, above its 200-day SMA, and with the 50-day SMA above the 200-day SMA every day since 6/21/11. Support 107.51, 107.43, 105.85, 105.22, 104.77, 103.90, 102.51, 101.77, 101.36, 101.11, 99.79, and 97.66. Resistance 108.53 and 109.37.

Junk/Investment-Grade Corporate Bond ETFs Relative Strength Ratio (JNK/LQD) whipsawed back down below its 50-day SMA on 6/21/12, thereby turning systematically bearish again. JNK/LQD remains below its 200-day SMA. The 50-day SMA fell below the 200-day SMA on 6/1/12.

U.S. Treasury Inflation Protected / U.S. Treasury 7-10 Year ETFs Relative Strength Ratio (TIP/IEF) turned systematically bearish on 6/27/12. TIP/IEF is below its 50-day SMA, below its 200-day SMA, and the 50-day SMA crossed below the 200-day SMA on 6/27/12.
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Tangible Assets, Commodities

U.S. dollar ETF (UUP) price remains systematically bullish: above its 50-day SMA, above its 200-day SMA, and with the 50-day SMA above the 200-day SMA. Support 22.38, 22.14, 21.89, 21.74, 21.58, 21.07, and 20.84. Resistance 23.02, 23.52, 25.84, 27.19, 28.97.

CRB Commodity Price Index fell below its lows of the previous 21 months intraday on 6/22/12, for another a bearish trend confirmation. Systematically, CRB remains bearish: below its 50-day SMA, below its 200-day SMA, and with the 50-day SMA below the 200-day SMA every day since 8/18/11.

Agriculture, PowerShares DB Agriculture Fund ETF (DBA) whipsawed back above its 50-day SMA on 6/25/12, thereby turning systematically neutral again. DBA is now above its 50-day SMA, below its 200-day SMAs, and the 50-day SMA has been consistently below the 200-day SMA every day since 8/8/11.

Crude Oil, United States Oil ETF (USO) fell below the lows of the previous 8 months on 6/25/12, again confirming a major downtrend. USO turned systematically bearish on 6/7/12, when the 50-day SMA fell below the 200-day SMA. USO remains below its 50-day and 200-day SMAs. Support 29.10, 26.28, and 22.74. Resistance 31.81, 32.80, 34.76, 35.19, 36.97, 40.29, 41.38, 42.30, and 45.60.

Gold, SPDR Gold Shares ETF (GLD) fell below its 50-day SMA on 6/20/12, turning systematically bearish again. GLD remains below its 200-day SMA, and its 50-day SMA remains below its 200-day SMA. Support: 148.27, 147.19, 143.97, 143.42, and 142.55. Resistance: 159.20, 162.18, 163.20, 164.89, 166.57, 174.00, 175.46, 177.40, and 185.85.

Gold Mining Stocks ETF/Gold Shares ETF Relative Strength Ratio (GDX/GLD) rose above its 50-day SMA on 6/1/12, turning systematically neutral. GDX/GLD remains below its 200-day SMA, and the 50-day SMA has remained bearishly below the 200-day SMA every day since 2/22/11.

Silver, iShares Silver Trust ETF (SLV) remains systematically bearish: below its 50-day and 200-day SMAs, and with the 50-day SMA below the 200-day SMA every day since 10/27/11. Support 25.65 and 24.44. Resistance: 29.02, 30.52, 31.64, 32.34, 33.44, 36.44, 40.23, 41.49, 42.30, 42.78, 44.71 and 48.35.

Silver/Gold ETFs Ratio (SLV/GLD) fell below its lows of the previous 20 months on 6/27/12, reconfirming its major downtrend. SLV/GLD remains systematically bearish: below its 50-day SMA, below its 200-day SMA, and the 50-day SMA has remained below the 200-day SMA every day since 8/30/11.

Copper, iPath DJ-UBS Copper TR Sub-Index ETN (JJC) fell below its lows of the previous 5 months on 6/8/12, reconfirming its major downtrend. JJC turned systematically bearish on 5/31/12, when the 50-day SMA crossed below the 200-day SMA. JJC fell below its 200-day SMA on 5/3/12 and fell below its 50-day SMA on 5/2/12. JJC remains far below its 2011 high at 61.69 and has underperformed the stock market since JJC peaked at 51.41 on 2/9/12. Given that “Dr. Copper” is one of the better indicators of investor confidence (or lack thereof) in the global industrial economy, this weakness may be suggesting rising doubts about prospects going forward.
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Spotlight on event stocks: Here is a stock screen I designed to pick out potential event stocks, both Bullish and Bearish. Sometimes, stocks with large changes in price and volume are revealed to be deal stocks, sooner or later, or are the subject of some other extraordinary events, positive or negative.

Bullish Stocks: Rising Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
23.40% , LNCR , Lincare Holdings Inc
0.79% , TMW , Wilshire 5000 ST TM, TMW
1.92% , PKB , Building & Construction, PKB
1.18% , ADRU , Europe 100 BLDRS, ADRU
8.02% , NYT , NY TIMES STK A
9.07% , UIS , UNISYS
2.45% , XBI , Biotech SPDR, XBI
0.79% , DGT , Global Titans, DGT
1.88% , PSI , Semiconductors, PSI
0.78% , ADRD , Developed 100 BLDRS, ADRD
1.20% , EWQ , France Index, EWQ
0.19% , FPX , IPOs, First Tr IPOX-100, FPX
3.84% , HRB , H&R BLOCK
0.64% , JKH , MidCap Growth iS M, JKH
6.77% , MTG , MGIC INVESTMENT
4.78% , LEN , Lennar Corp. (LEN)
1.27% , PXQ , Networking, PXQ
5.25% , VMC , VULCAN MATERIALS
2.91% , MKC , MCCORMICK
3.82% , WY , WEYERHAEUSER
1.75% , JKL , Value SmallCap iS M, JKL
0.93% , VV , LargeCap VIPERs, VV
1.03% , NYC , LargeCap Blend NYSE Composite iS, NYC
0.88% , FDL , Dividend Leaders, FDL
1.60% , DYN , DYNEGY
1.75% , BEN , FRANKLIN RSC
3.88% , MON , MONSANTO
1.31% , IJJ , Value MidCap S&P 400 B, IJJ
2.90% , APC , ANADARKO PETRO
1.21% , VHT , Health Care VIPERs, VHT
2.61% , ESRX , EXPRESS SCRIPTS
0.93% , IOO , Global 100, IOO
3.95% , ATI , ALLEGHENY TECH

Bearish Stocks: Falling Price and Rising Volume
Ranked by Price Change * Volume Change
% Price Change, Symbol, Name
-4.65% , AZO , AUTOZONE
-2.42% , SEE , SEALED AIR
-3.59% , DDS , DILLARD STK A
-2.69% , GPC , GENUINE PARTS
-2.63% , TIF , TIFFANY
-3.83% , ROST , Ross Stores Inc
-3.62% , DLTR , Dollar Tree Stores Inc
-1.57% , GIS , GENERAL MILLS
-1.48% , JWN , NORDSTROM
-2.00% , ITT , ITT INDS
-2.37% , SNDK , SanDisk Corporation
-2.22% , SBUX , STARBUCKS
-1.08% , BLK , BlackRock Inc.
-1.97% , FDO , FAMILY DLR STRS
-2.13% , RL , Polo Ralph Lauren
-2.25% , JNY , JONES APPAREL
-0.74% , PMCS , PMC SIERRA
-0.80% , SLE , SARA LEE
-0.23% , ITF , Japan LargeCap Blend TOPIX 150, ITF
-0.32% , PST , 200% Short Bond 7-10 Yr T, PST
-1.95% , TJX , TJX
-0.61% , GNW , GENWORTH FINANCIAL
-0.84% , CAH , CARDINAL HEALTH
-1.98% , WFM.O , Whole Foods Market Inc
-0.86% , MCD , MCDONALDS
-0.86% , MYY , Short 100% MidCap 400, MYY
-0.64% , HD , HOME DEPOT
-0.58% , CAT , CATERPILLAR
-0.51% , CSCO , CISCO SYSTEMS
-0.98% , SH , Short 100% S&P 500, SH
-1.27% , YUM , YUM BRANDS
-0.35% , AM , AMER GREETINGS STK A
-0.26% , PBJ , Food & Beverage, PBJ
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One-Day Ranking of Major ETFs, Ranked from Strongest to Weakest of the Day:
% Price Change, ETF Name, Symbol
2.99% Metals & Mining SPDR, XME
2.45% Biotech SPDR, XBI
2.07% Energy SPDR, XLE
2.07% Energy VIPERs, VDE
1.93% Energy DJ, IYE
1.79% Semiconductor SPDR, XSD
1.77% Italy Index, EWI
1.75% Homebuilders SPDR, XHB
1.69% Thailand MSCI iS, THD
1.67% Energy & Nat Res iS GS, IGE
1.67% Water Resources, PHO
1.65% Indonesia MV, IDX
1.63% SmallCap Russell 2000, IWM
1.60% Spain Index, EWP
1.58% Value SmallCap Russell 2000, IWN
1.50% Value SmallCap S&P 600 B, IJS
1.47% Value SmallCap VIPERS, VBR
1.44% SmallCap S&P 600, IJR
1.39% Small Cap VIPERs, VB
1.38% China 25 iS, FXI
1.36% Singapore Index, EWS
1.33% Hong Kong Index, EWH
1.32% Growth SmallCap VIPERs, VBK
1.32% Growth SmallCap R 2000, IWO
1.31% Financial Services DJ, IYG
1.31% Value MidCap S&P 400 B, IJJ
1.31% Oil, Crude, U.S. Oil Fund, USO
1.29% Australia Index, EWA
1.28% Semiconductor iS IGW, SOXX
1.28% Capital Markets KWB ST, KCE
1.28% Microcap Russell, IWC
1.28% Pacific ex-Japan, EPP
1.26% Value MidCap Russell, IWS
1.25% Energy Global, IXC
1.23% Value 1000 Russell, IWD
1.21% EMU Europe Index, EZU
1.21% Mexico Index, EWW
1.20% Financial SPDR, XLF
1.20% France Index, EWQ
1.19% China LargeCap Growth G D H USX PS, PGJ
1.19% Networking, IGN
1.18% Financials VIPERs, VFH
1.17% Agriculture DB PS, DBA
1.16% Growth BARRA Small Cap 600, IJT
1.16% Sweden Index, EWD
1.13% Utilities SPDR, XLU
1.12% Financial DJ US, IYF
1.11% Turkey MSCI iS, TUR
1.11% Materials SPDR, XLB
1.09% Dividend High Yield Equity PS, PEY
1.08% Health Care SPDR, XLV
1.06% Utilities VIPERs, VPU
1.06% Value S&P 500 B, IVE
1.06% Value VIPERs, VTV
1.00% MidCap S&P 400 SPDRs, MDY
1.00% Netherlands Index, EWN
0.97% Dividend DJ Select, DVY
0.97% Industrial SPDR, XLI
0.96% Blend Total Market VIPERs, VTI
0.96% Pacific VIPERs, VPL
0.95% EAFE Index, EFA
0.95% Oil Fund PowerShares, DBO
0.95% MidCap S&P 400 iS, IJH
0.94% S&P 500 iS LargeCap Blend, IVV
0.94% LargeCap Blend S&P=Weight R, RSP
0.94% LargeCap Blend S&P 100, OEF
0.94% LargeCap Blend Russell 3000, IWV
0.93% Global 100, IOO
0.93% LargeCap VIPERs, VV
0.93% Belgium Index, EWK
0.93% India PS, PIN
0.93% Dividend International, PID
0.92% WilderHill Clean Energy PS, PBW
0.92% Dividend SPDR, SDY
0.90% S&P 500 SPDRs LargeCap Blend, SPY
0.89% Value EAFE MSCI, EFV
0.88% European VIPERs, VGK
0.88% United Kingdom Index, EWU
0.87% LargeCap 1000 R, IWB
0.86% MidCap Russell, IWR
0.85% Germany Index, EWG
0.85% Basic Materials DJ US, IYM
0.84% Europe 350 S&P Index, IEV
0.84% Growth EAFE MSCI, EFG
0.83% Growth S&P 500/BARRA, IVW
0.79% Frontier Markets Guggenheim , FRN
0.79% Global ex US ACWI iS, ACWX
0.78% Telecom DJ US, IYZ
0.78% Japan Index, EWJ
0.74% Value LargeCap Dynamic PS, PWV
0.74% Dividend Appreciation Vipers, VIG
0.74% DIAMONDS (DJIA), DIA
0.71% Growth VIPERs, VUG
0.71% Chile MSCI iS, ECH
0.68% Russia MV, RSX
0.68% India Earnings WTree, EPI
0.68% Taiwan Index, EWT
0.68% Canada Index, EWC
0.66% Small Cap EAFE MSCI iS, SCZ
0.65% Technology DJ US, IYW
0.64% Emerging Markets, EEM
0.63% Real Estate US DJ, IYR
0.63% Austria Index, EWO
0.63% South Korea Index, EWY
0.61% Info Tech VIPERs, VGT
0.61% QQQ Nasdaq 100 Trust, QQQ
0.61% Technology SPDR, XLK
0.61% Latin Am 40, ILF
0.60% Bond, High-Yield Corporate, HYG
0.59% Consumer Staples SPDR, XLP
0.59% Growth 1000 Russell, IWF
0.58% Malaysia Index, EWM
0.56% Bond, High-Yield Junk, JNK
0.56% Commodity Tracking, DBC
0.56% Growth MidCap 400 B, IJK
0.55% Emerging VIPERs, VWO
0.55% Transportation Av DJ, IYT
0.50% Emerging 50 BLDRS, ADRE
0.50% Switzerland Index, EWL
0.40% REIT VIPERs, VNQ
0.38% Growth MidCap Russell, IWP
0.36% REIT Wilshire, RWR
0.32% Realty Cohen & Steers, ICF
0.31% Bond EmrgMkt JPM iS, EMB
0.21% Preferred Stock iS, PFF
0.17% Financial Preferred, PGF
0.16% Bond, 20+ Years Treasury, TLT
0.14% Bond, 10 Year Treasury, IEF
0.14% Gold Shares S.T., GLD
0.14% Bond, Corp, LQD
0.10% Bond, TIPS, TIP
0.04% Bond, Aggregate, AGG
0.00% Bond, 1-3 Year Treasury, SHY
-0.01% Bond Treasury Short-Term iS, SHV
-0.13% Bond Muni ATM-Free S&P iS, MUB
-0.14% Bond Ex-US Treas, BWX
-0.14% Consumer Discretionary SPDR, XLY
-0.22% Brazil Index, EWZ
-0.65% Silver Trust iS, SLV
-0.78% South Africa Index, EZA
-0.98% Bear, Short S&P 500, SH