The iShares Silver Trust (SLV $26.52) has broken below the neckline of a head-and-shoulders (H&S) top and appears headed for more weakness. Based on the size of the H&S, SLV could see a measured move to the $23-$25 region. A 50% retracement of the rally from February to October sits at $26, while a more-important 61.8% give back is at $24.60. The last couple of lows are between $24 and $25.25, so there certainly is a cluster of support in the mid-$20s. While the Commitment of Traders (COT) data remains bearish for SLV and GLD (SPDR Gold Shares), it has improved moderately for SLV and slightly better for GLD. Some sentiment data for silver is quite bearish, while other indicators are neutral. That certainly is odd considering the recent failed breakout and decline. Seasonality for silver gets much better in the early months of the year. The iShares 20+ Year Treasury Bond ETF (TLT $87.80) has been smacked over the past nine days and has busted below its prior low from mid-November. It also has taken out a bullish trendline off the lows since April 2024. TLT looks headed for an important test of a 61.8% retracement of the rally from October 2023 until September 2024. Volume