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Treasury ETF TLT has been showing a bullish descending triangle since mid-August. A lower low has not yet been put in and it appears resistance has formed at the low of mid-September of $118.00 (creating the flat bottom of our triangle). Please be wary though as a gap needs to be filled from $119.50 to $120.50. This gap in all likelihood will be filled but gaps often signal a reversal point so I have drawn what the greater downward channel may look like if this turns south. I'm sure the gap will be filled, but with the S&P only 20 points away from a major resistance point I am favoring the downward scenario for TLT as the S&P is signalling a move back up. (www.DanjaZown.com)