201102.26 1 0 Weekly Chart Review by Joseph Y. Calhoun in Markets Tags: aggregate bond etf, cew emerging market currency etf, crude oil technical analysis, eem emerging market etf, ewj japanese stocks, ewz brazil etf, fchi chinese stock etf, fxc canadian dollar etf, fxy yen etf, gdx gold stock etf, gold market technical analysis, gsg commodity etf, hyg high yield bond etf, inp india etf, itm intermediate muni bond etf, ivv s&p 500 etf, iwm russell 2000 etf, iyr reit etf, jja agricultural commodity etf, rsx russia etf, tlt long term treasury etf, us dollar technical analysis Despite the selloff in stocks, emerging market currencies have been amazingly stable. You probably haven't heard much about it, but the Canadian dollar is in a great uptrend. Like the Aussie dollar it tends to move with commodity prices. Like the Loonie, the commodity rally continues. The Yen rallied with the Mideast turmoil but its at the downtrend line and I expect the downtrend to resume. Gold stocks had a volatile week but managed to stay above the 50 day MA. Despite the geopolitical situation, gold failed to make new highs. This is looking more and more like a top. REITs finally corrected a bit but the uptrend continues. By the way, most people don't know this but REITs have a high inverse correlation to the dollar. Agricultural commodities had a bad week but didn't break the uptrend. Crude oil had a big week but couldn't close over the magical $100 mark. This is the biggest threat, by far, to the global recovery. There's been a lot of talk about the weak dollar but it is holding support for now. A budget deal is critical. The Aggreage bond index managed to break its recent downtrend but I wouldn't expect much from here. Are junk bonds finally topping out? Long term Treasuries bounced right where expected on the long term chart. A rally to the downtrend line can't be ruled out but if they do, stocks probably won't be making new highs. Intermediate munis have come off the mat, but at best I think we get a consolidation. Brazilian stocks rallied last week but still haven't gotten back above the 50 day MA. There is a lot of overhead resistance. Chinese stocks show no sign of recovery yet. Emerging market stocks continue to struggle and now the 50 day MA has turned down. Tentative signs of a bottom in Indian stocks. Japan still has the best looking chart in Asia but it its not undiscovered. There was an article this week in the NYT about the potential virtues of Japanese stocks. Small caps bounced right at the 50 day MA. They aren't cheap on a fundamental basis but the trend is still up. Russia still rallying with commodities. The S&P 500 also held above the 50 day MA. I'm looking for at least a consolidation of the rally.