As of the close of Friday, January 13, 2012, the ETF trend state report shows that a new dynamic may be developing, with the medium-term trend of index and metal ETFs reversing to the upside from the sideways and down motion in the previous report, respectively. If this new dynamic persists, we may soon witness new highs in some ETFs, like in QQQ, for example. The price action in this coming week will be a determining factor for the medium-term direction of the market.
ETF Trend State Table
| ETF | Short-term | Medium-term | Longer-term | OB/OS |
| SPY | SW- | UP+ | SW | |
| QQQ | SW- | UP+ | SW | |
| GLD | UP+ | SW+ | SW | |
| SLV | SW | SW+ | SW | |
| FXE | DN | DN | DN | |
| TLT | UP+ | SW | SW | |
| USO | DN- | SW- | SW | |
| DBC | SW | SW | DN | |
"SW" indicates no trend, "+" indicates a new upward trend change, "-" indicates a new downward trend change, "OB" means overbought and "OS" means oversold. "OB-" means close to becoming overbought and "OS+" means close to becoming oversold. The ‘*' means that the corresponding market is under watch for developing conditions.
Summary of trend changes
Short-term: SPY and QQQ have stalled and downgraded to sideways motion. GLD and TLT are now on an uptrend. USO was downgraded to a downtrend.
Medium-term: SPY and QQQ are now on an uptrend. GLD and SLV were upgraded to sideways motion. USO was downgraded to sideways motion.
Longer-term: No changes.