Dow Theory Update for April 18: Silver is making higher highs unconfirmed by gold

A secondary reaction for precious metals at hand?

US STOCKS

The primary and secondary trend (as determined by Schannep’s Dow Theory) is bullish, as explained here and here.

GOLD AND SILVER

The primary trend and secondary trend is bullish, as reported here and here.

SLV has recently made higher closing highs which have been unconfirmed by GLD. Such a lack of confirmation, unless gold confirms soon,  might be indicative of an impending secondary (bearish) reaction against the current primary bull market.  I am writing before the close. So, albeit, highly unlikely GLD could confirm if a sudden price burst occurs during today's last trading hours. Here you have an updated chart. The blue ellipse displays SLV’s higher highs.

GLD (bottom) is not confirming SLV's (top) higher closing highs. Secondary reaction coming soon?

GOLD AND SILVER MINERS ETFs

The primary and secondary trend is bullish as explained here

On the other hand, SIL’s higher highs have been confirmed by GDX’ higher highs, so technically the primary bull market remains unchallenged. Here you have an updated chart:

SIL and GDX make higher closing highs.

Sincerely,

The Dow Theorist