Gold stocks tried to rally last week but the strengthening dollar killed the rally.

The metal also tried to rally early in the week but failed to break out. As the dollar gained, gold finally sold off. This looks more and more like a top in the yellow metal. Wheter it proves to be a long term or short term top will depend on policy.

The commodity indexes didn't even get a chance to attempt a bounce. The drop in oil hammered the GSCI below the 200 day MA.

REITs failed at the 50 day MA. The trend has changed.

The release of oil from strategic reserves just reinforced the downtrend in crude. Contrary to what the traders were saying on CNBC last week, I think this is a major top in oil. There will be countertrend rallies but targets are lower.

This is also looking like a major top in the CRB. A move to the 300 area at least looks likely.

The US Dollar continues to conform to the long term bottoming process that I've been highlighting for months.

Intermediate Treasuries continue to rally.

Japan is one of the few markets with a decent looking chart. With the BOJ buying every dip its no wonder.

Malaysia has also held up better than most.

Will the S&P hold above the 200 day MA? I have my doubts but we are oversold here so a bounce would not be surprise.