Friday's strong jobs report for July increased the odds that the Federal Reserve will hike the federal funds rate following the next Federal Open Market Committee meeting on Sept. 21. U.S. treasury yields rose, and gold futures and utility stocks slumped.

The yield on the 30-year U.S. bond rose to 2.31% last week, approaching its July 21 high of 2.36% on fears that the Federal Reserve will raise rates before the end of the year. Just before the June 23 Brexit vote, this yield was as high as 2.563%. Following the United Kingdom's vote to leave the European Union, strong demand for this bond pushed the yield to a record intraday low of 2.089% on July 11. This trading range has been influenced by my annual pivot of 2.265%, a quarterly pivot of 2.150%, and monthly risky level of 2.127% for August.

Investors can trade the U.S. Treasury 30-year bond like a stock using the 20+ Year Treasury Bond ETF (TLT) - Get Report , which is an exchange-traded fund backed by a basket of U.S. Treasury bonds with maturities of 20 years to 30 years.

Comex gold futures declined to $1,344.4 the Troy ounce on Friday after attempting to set a new high earlier in the week vs. the multiyear high of $1,377.5, set on July 6. Even with a lower open as this week begins, my upside target for 2016 remains $1,639.9. There is near-term risk to the 200-week simple moving average of $1,298.1, and my risky level for August is $1,421.18.

Investors can trade gold like a stock using the SPDR Gold Shares ETF (GLD) - Get Report , which is backed by gold bullion.

The Dow utility average closed Friday below its key weekly moving average of 698.51, and its chart will shift to negative at the end of this week given another weekly close below this moving average. The downside risk is into the 670.81 to 660.24 range by the end of September.

Investors seeking the safety of dividends can trade the Utilities Select Sector SPDR Fund (XLU) - Get Report , which is a basket of 29 utility stocks.

Investors betting that junk bond yields will tighten against U.S. Treasuries should consider the SPDR Barclays High Yield Bond ETF (JNK) - Get Report . Keep in mind that the performance of junk bonds correlates to the stock market, not to the bond market. When stocks rise, junk bond yields will compress towards Treasury bonds.

The S&P 500 SPDR ETF (SPY) - Get Report continued to play catch up to the "flight to safety" investments last week, and it now has a year-to-date gain of 7%. The U.S. Treasury bond ETF, the gold ETF and the utility stocks ETF have year-to-date gains of 14.4%, 25.7% and 17.2%, respectively, vs. 17.4%, 27.1% and 20.4% a week ago.

Here's the weekly chart for the bond ETF.

Image placeholder title

Courtesy of MetaStock Xenith

The bond ETF has been downgraded to negative, with the ETF below its key weekly moving average of $138.05 and well above its 200-week simple moving average of $119.34. The weekly momentum reading ended last week at 78.12, slipping from 80.97 on July 29 and moving below the overbought threshold of 80.00.

Investors looking to buy the bond ETF should continue to do so on weakness to $132.45, which is a key level on technical charts until the end of 2016. The $140.45 key level should be a magnet through September. 

Investors looking to reduce holdings should consider doing so on strength to $143.22, which is a key level on technical charts until the end of August.

Here's the weekly chart for the gold ETF.

Image placeholder title

Courtesy of MetaStock Xenith

The gold ETF has been downgraded to neutral, with the ETF above its key weekly moving average of $126.27 and above its 200-week simple moving average of $124.98. The weekly momentum reading slipped to 79.80 last week, down from 80.75 on July 29, falling just below the overbought threshold of 80.00.

Investors looking to buy the gold ETF should do so on weakness to $101.90, which is a key level on technical charts until the end of September. 

Investors looking to reduce holdings should consider doing so on strength to $135.60, which is a key level on technical charts until the end of August.

Here's the weekly chart for the utilities ETF.

Image placeholder title

Courtesy of MetaStock Xenith

The weekly chart for the Utilities Select Sector SPDR Fund has been downgraded to neutral, with the ETF below its key weekly moving average of $51.33 and well above its 200-week simple moving average of $42.28. The weekly momentum reading ended last week at 86.20, slipping from 89.27 on July 29, with both well above the overbought threshold of 80.00.

Investors looking to buy the utilities ETF should do so on weakness to $50.05 and $48.26, which are key levels on technical charts until the end of 2016 and the end of September, respectively. 

Investors looking to reduce holdings should consider selling strength to $54.71, which is a key level on technical charts until the end of August.

Here's the weekly chart for the junk bond ETF.

Image placeholder title

Courtesy of MetaStock Xenith

The weekly chart for the junk bond ETF is positive but overbought, with the ETF above its key weekly moving average of $35.78. It is well below its 200-week simple moving average of $38.87. The weekly momentum reading ended last week at 87.34, slipping slightly from 87.40 on July 29, and becoming slightly less overbought above the threshold of 80.00.

Investors looking to buy the junk bond ETF should do so on weakness to $34.23 and $31.97, which are key levels on technical charts until the end of August and the end of September, respectively. 

Investors looking to reduce holdings should do so on strength to $37.17, which is a key level on technical charts until the end of 2016.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.