Despite the weakness in spot gold prices and the SPDR Gold Trust (GLD) this morning, the near- and intermediate-term technical conditions of the market are relatively strong.

Mike Paulenoff's near- and intermediate-term work indicates that the upside pivot low last Friday in the ProShares Ultrashort 20+ Year T-Bond ETF (TBT) completed the corrective period off the recovery rally high.

Mike Paulenoff writes that the U.S. Natural Gas Fund ETF (UNG) is so oversold that it is screaming for a very powerful recovery rally period.

Can we expect a downturn in oil after hitting support?

Technology should take a leadership role in a recovery.

Is the QQQQ rally another run-of-the-mill failed recovery bounce or it is a deceptive start of a potent rally period that has considerably more room to climb?

Is Mike Paulenoff bullish on both energy (DIG) and semi-conductors (SMH)?

Crude oil prices are pressing against the 20-day moving average.

The gold markets have not provided much in any sort of hedge in the past week.

Some technology firms are holding up despite otherwise dismal action in the major averages.  Microsoft (MSFT) is not one of those firms.