U.S. Treasury bond yields continue to have a downward trajectory as the "flight to safety" continues for skittish stock investors. The exchange-traded fund that tracks these bonds is the 20+ Year Treasury Bond ETF (TLT) , a basket of U.S. Treasuries with maturities of 20 to 30 years.

Don't trust bonds? Investing in gold is another strategy attempting to regain momentum. The ETF to trade as a proxy for gold is the SPDR Gold Shares ETF (GLD) , which is backed by gold bullion.

The downside pressure for crude oil is best traded as a stock using the iShares GSCI Commodity-Index Trust Fund (GSG) , which is 70% to 75% weighed to energy and crude oil.

The best way to trade the ups and downs of the U.S. dollar is to use the Deutsche Bank USD Index (UUP) , a basket of currencies including the euro, Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc.

Here's a scorecard for these benchmark ETFs.

 
oday we will measure the risk/reward for these markets using weekly charts. A negative weekly chart occurs when the weekly close for the market is below its key weekly moving average with weekly sentiment declining below the overbought threshold of 80.00. A positive weekly chart occurs when the weekly close for the market is above its key weekly moving average, with weekly sentiment rising above the oversold threshold of 20.00.

The charts show the key weekly moving average in red, the 200-week simple moving average in green, and the weekly momentum reading is shown in red in the study at the bottom of the chart. The horizontal line in blue corresponds to the pre-crash of 2008 high.

We'll start with the weekly chart for the bond ETF.


Courtesy of MetaStock Xenith

The weekly chart for the bond ETF will be positive if the market closes this Friday above its key weekly moving average of $122.01. The weekly momentum reading is projected to rise to 54.10 up from 52.29 on Jan. 8. The 200-week simple moving average of $117.89 as this moving average remains bull market trend for bonds since mid-2006. If there is a renewed flight to safety this ETF can trade as high as $132.45 at some point in 2016.

Investors looking to buy the bond ETF should enter a good till canceled (GTC) limit order if it declines to $116.95, which is a key level on technical charts until the end of January. Investors looking to reduce holdings should enter a GTC limit order to sell this ETF if it rises to $124.35, which is a key level on technical charts until the end of this week.

Here's the weekly chart for the gold exchange-traded fund.


Courtesy of MetaStock Xenith

The weekly chart for the gold ETF is positive given a close Friday above its key weekly moving average of $104.13. The weekly momentum reading is projected to rise to 22.31 up from 19.23 on Jan. 8 moving above the oversold threshold of 20.00. The longer-term upside potential is to the 200-week simple moving average of $130.71. When this average failed to hold during the week of May 10, 2013, the parabolic bubble for gold officially popped. A key level on technical charts at $157.36 is the upside potential for 2016.

Investors looking to buy the gold ETF should enter a good till canceled limit order if it declines to $102.97 and $100.13, which are key levels on technical charts until the end of this week and for the month of January, respectively. Investors looking to reduce holdings should enter a GTC limit order to sell this ETF if it rises to $109.94, which is a key level on technical charts until the end of March.

Here's the weekly chart for the commodity-index ETF.


Courtesy of MetaStock Xenith

The weekly chart for the commodity ETF remains negative but oversold given a close on Friday below its key weekly moving average of $14.36. The weekly momentum reading is projected to decline to 6.29 down from 7.55 on Jan. 8, significantly below the oversold threshold of 20.00. The longer-term upside potential is to the 200-week simple moving average of $28.24, which the ETF has been below since the week of July 18, 2014, as the crash of crude oil prices began. A key level on technical charts is $22.38 until the end of 2016.

Investors looking to buy the commodities ETF are already long from $13.19, which is a key level on technical charts until the end of March. Investors looking to reduce holdings should enter a GTC limit order to sell this ETF if it rises to $18.42, which is a key level on technical charts until the end of June.

Here's the weekly chart for the dollar index ETF.


Courtesy of MetaStock Xenith

The weekly chart for the dollar ETF is neutral with the exchange-traded fund above its key weekly moving average of $25.58 as the weekly momentum reading is projected to slip 66.26 down from 68.02 on Jan. 8. Dollar strength began during the week of August 29, 2014, when the ETF closed above its 200-week simple moving average then at $21.98 and $22.98 this week. The key level on technical charts until 2016 is $46.58.

Investors looking to buy the dollar ETF should enter a good till canceled limit order if it declines to $24.18, which is a key level on technical charts until the end of June. Investors looking to reduce holdings should enter a GTC limit order to sell this ETF if it rises to $26.68, which is a key level on technical charts until the end of March.

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

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