Gold and Silver close to secondary reaction, but not there yet
The primary trend is bearish, as explained here:
The secondary trend is bullish (secondary reaction against primary bearish trend) as explained here.
Finally, stocks have set up for a primary bull market. After a long and strong secondary reaction (call it if you want “bear market rally”), the Transports has declined more than 3% from their March 18, 2016 closing highs. The Industrials and the SPY declined less than 3%. However, just one index suffices to set up stock for a primary bear market signal, as was profusely explained here.
Now, at least the SPY together with other index (preferably, the Transports themselves) should break above the last recorded secondary reaction closing highs.
Here you have a chart displaying the current situation(the relevant levels to be broken up are highlighted by red horizontal lines on the right side of the chart.)
|US Stocks have set up for a primary bull market
GOLD AND SILVER
GOLD AND SILVER MINERS ETFs
The primary and secondary trend is bullish as explained here:
The Dow Theorist