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The U.S. Treasury bond ETF, the gold ETF and the utilities ETF have year-to-date gains of 6.6%, 16.2% and 9.4%, respectively, vs. 9.4%, 16.2% and 13% a week ago, as bonds and utilities slumped. The S&P 500 SPDR ETF (SPY) - Get SPDR S&P 500 ETF Trust Report now has a year-to-date gain of 2.5%, up from 1.9% a week ago. The junk bond ETF also followed the S&P 500 ETF higher and set a new 2016 high last week. It now has a gain of 3.3% year to date.

The "flight to safety" is taken a breather as performance spreads narrow. This is a rotation to "risk-on" strategies from "risk-off."

So how should you trade this shift toward more risky assets?

When markets are consolidating, the best charts to evaluate are daily charts and their Fibonacci Retracements from lows to highs or from highs to lows. These charts are shown below, along with key levels at which to buy on weakness and key levels at which to sell on strength.

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

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

Investors seeking the safety of dividends can trade the Utilities Select Sector SPDR Fund (XLU) - Get Utilities Select Sector SPDR Fund 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 SPDR Bloomberg Barclays High Yield Bond ETF Report .

The weekly charts are negative for the bond ETF. The charts will be negative on the gold ETF with a close this week below $117.03. And the charts will be negative on the utilities ETF with a close this week below $47.91. The weekly chart for the junk bond ETF is positive but overbought.

Here's the daily chart for the bond ETF.


Courtesy of MetaStock Xenith

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The bond ETF ended last week at $128.36, up 6.5% year to date and down 5.1% from its Feb. 11 high of $135.25.

The daily chart shows horizontal lines, which are the Fibonacci Retracement levels of the rise from the June 26 low of $114.88 to the Feb. 11 high of $135.25.

The ETF traded around its 23.6% retracement of $130.44 between March 24 and April 20, with a secondary high in between of $132.99 on April 7. Investors looking to reduce holdings thus had the opportunity to do so at $132.45, which remains a key level on technical charts for all of 2016. The bond ETF took a hit last week once the 23.6% retracement failed to hold on April 20, as stocks set their 2016 highs.

Investors looking to buy the bond ETF should do so on weakness to the 200-day simple moving average of $124.42.

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Investors looking to reduce holdings should continue to do so on strength to $132.45, which remains in play until the end of 2016. There are key levels of $128.42 and $129.84 in play as magnets until the end of April and June, respectively.

Here's the daily chart for the gold ETF.


Courtesy of MetaStock Xenith

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The gold ETF ended last week at $117.89, up 16.2% year to date and down just 3.7% from its March 4 high of $122.37.

The daily chart shows horizontal lines, which are the Fibonacci Retracement levels of the rise from the Dec. 17, 2015, low of $100.23 to the March 4 high of $122.37. Since setting this high, the gold ETF has traded back and forth around its 23.6% retracement of $117.15, and above its 38.2% retracement of $113.91.

Investors looking to buy the gold ETF should do so on weakness to $114.90, which is a key level on technical charts until the end of April. A lower buy level of $104.71 is in play until the end of June. The upside potential for all of 2016 is $157.36.

Here's the daily chart for the utilities ETF.


Courtesy of MetaStock Xenith

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The utilities ETF ended last week at $47.34, up 9.4% year to date and down 5.1% from its all-time of $49.88, set on April 1.

The horizontal lines are the Fibonacci Retracement levels of the rise from Sept. 4 low of $40.80 to the April 1 high of $49.88. Last week's decline took the ETF below its 50-day simple moving average (in blue) at $47.91 and its 23.6% retracement of $47.74. This puts the focus on the 38.2% retracement at $46.41, which is the next key level to hold.

Investors looking to buy the utilities ETF should do so on weakness to $46.36, which is a key level on technical charts until the end of April.

Investors looking to reduce holdings should do so on strength to $48.60 and $50.15, which are key levels on technical charts until the end of June.

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


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The junk bond ETF ended last week at $35.04, up 3.3% year to date and up 12.1% from its Feb. 11 low of $31.27. Even so, the ETF is in bear market territory, 34.3% below its 52-week high of $39.65, set on April 27, 2015.

The junk bond ETF has been below a "death cross" since Sept. 16, 2014, when the ETF closed at $40.57. A "death cross" occurs when the 50-day simple moving average falls below the 200-day simple moving average, indicating that lower prices would follow -- and they sure did. The key now is that the junk bond ETF has been trying to pop above its 200-day simple moving average at $35.18 for the last three trading days, but could not.

Investors looking to buy the junk bond ETF should do so on weakness to $33.40 and $31.71, which are key levels on technical charts until the end of June and April, respectively.

Investors looking to reduce holdings should do so on strength to $37.53, which is a key level on technical charts until the end of June.

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