Yesterday's up-gap in the streetTRACKS Gold Shares (GLD) has been more than filled completely, and the GLD has reversed significantly back below its upper channel line.

Since late January, oil prices and the transports both generally have maintained an upward trajectory.

Mike Paulenoff's pattern work continues to "warn" him that the initial upmove from the January 23 low to the February 1 high is very significant, and represents the first part of a larger recovery period.

The streetTRACKS Gold Shares (GLD) ETF has accelerated into Mike Paulenoff's preferred target zone for the conclusion of the current upleg.

During the past three sessions, the Semiconductor HOLDRs (SMH) has climbed above key near-term prior high and trendline resistance.

The Financial Select SPDR (XLF) is gaining some upside strength as it emerges from its 3-week sideways congestion.

Today's upside continuation of Friday's rally has positioned the price structure of the Dow Diamonds ETF (DIA) above the February resistance line.

Although the e-Mini S&P 500 (e-SPH) has given up its early gains, Mike Paulenoff's sense is that the upmove from yesterday's low to this morning's high is the first upmove in a new recovery upleg.

Confirmation that a significant corrective low has been established will come only upon a hurdle of the key February down trendline resistance.

The price structure of the ProShares UltraShort Inverted SPY ETF (SDS) is now probing the vicinity of its January-February support line.