Dow Theory Update for July 25: No major movements. Trends unchanged

Gold and silver consolidating

Let’s get started with our Dow Theory commentary for today.

Stocks

The Transports and the Industrials closed down. The SPY closed up. Stocks seem to be taking a breather.

The primary and secondary trend is bullish, as explained here, and more in-depth here.

Today’s volume was higher than yesterday’s, which is bearish as lower prices attracted stronger volume. Yesterday’s volume was bearish too. While volume considerations are much more subjective than price observations, I’d label the overall pattern of volume as bearish. Here you have an updated chart.

 

Red arrows overwhelm blue arrows: The overall pattern of volume looks bearish

Gold and Silver

SLV and GLD closed up. The primary trend is bearish, as explained here and reconfirmed bearish here. The secondary trend is bullish (secondary reaction against the primary bearish trend), as explained here.

GDX and SIL, the gold and silver miners ETFs closed up.

The primary trend is bearish, as explained here and reconfirmed bearish here.

The secondary trend for GDX and SIL is bullish, as explained here.

Here you have the figures for the SPY, which represents the only market with a suggested open long position.

 

Data for July 25, 2013
DOW THEORY PRIMARY TREND MONITOR SPY
			SPY
Bull market started		06/24/2013	157.06
Bull market signaled		07/18/2013	168.87
Last close		07/25/2013	168.93
Current stop level: Bear mkt low			157.06
Unrlzd gain %	Tot advance since start bull mkt	Max Pot Loss %
0.04%	7.56%	7.52%

Sincerely,

The Dow Theorist