Gold’s surge does not change any trend
Mini Dow-Theory Update for today.
Yesterday, and the day before yesterday I announced a secondary reaction for stocks.
Today the SPY, Industrials and Transports closed down and deepened the ongoing secondary reaction. The chart below highlights (red rectangles) the (bearish) secondary reaction against the primary bullish trend.
|Orange rectangles display the ongoing secondary reaction against the primary bull market|
The primary trend was reconfirmed as bullish on October 17th, 2013, and November 13th, 2013 and March 7th, 2014, for the reasons given here, here and here.
So the current primary bull market signal has survived three secondary reactions.
As to gold, in spite of today’s surge, trends remain unchanged.
Ditto for SIL and GDX.
The Dow Theorist