The daily chart structure of Semiconductor HLDRs ETF (SMH) has the look of a very ominous, multi-month top formation that now is in the breakdown phase.

Mike Paulenoff's work in crude oil is warning him that prices have established a major peak and that the price structure already is in the midst of a significant corrective process.

Mike Paulenoff's work argues that the upmove actually is a countertrend rally prior to another downleg that should press prices into new low territory.

Mike Paulenoff expects additional weakness to press the XLE towards 74.00 prior to any meaningful recovery rally period.

Today's gap up in the CurrencyShares Japanese Yen Trust (FXY) reflects yen strength as the currency heads for a test of the August-October support line.

Mike Paulenoff believes that the Q's narrow range should not last much longer without a spike in one direction or other.

Today's upside continuation of the UltraShort SPY (SDS) has hurdled Thursday's reversal high.

Mike Paulenoff's pattern and momentum work are encouraging him to remain short because his primary scenario for SMH has morphed into a bearish one.

Mike Paulenoff's work is telling him that a meaningful first crack in the uptrend has occurred and this down-spike is not a dip to use to enter long positions.

The action in the U.S. Oil Trust (USO) as well as in crude represents another bullish consolidation within the dominant uptrend rather than a near-term top.