GLD weekly chart with Oscillator

This weekly GLD chart (top) is displayed with an Oscillator (bottom)
As GLD descended from its top the oscillator produced lower tops indicating that GLD was probably not going to turn around and go up with any conviction
Once the down trend in the oscillator was broken to the upside GLD had a chance to try and change its trend from down to up
With the oscillator now in an oversold area it is possible that GLD may make another attempt to move to the upside
Any such move should be confirmed using additional trading tools

Past performance is not indicative of future results.
  

SPY weekly chart with Oscillator

 This weekly SPY chart (top) is displayed with an Oscillator (bottom)

Past performance is not indicative of future results.

SPY update - SCTR stockcharts technical rank

This chart was first posted on July 19,2013. 
Since then the blue horizontal line was broken to the downside and the stock market proceeded to drop. 
The orange horizontal line drawn just below the blue line was broken today to the downside.
Will the market drop again?
This displays poor relative strength and negative divergence when the SCTR is down trending while the price chart is going up.

The SCTR is provided by StockCharts.com
You can see their formula in their chartschool section of their website which is very informative.
Just another tool in the toolbox.

Past performance is not indicative of future results.