The primary and secondary trend (as determined by Schannep’s Dow Theory) is bullish, as explained here and here.
On April 19th, the Transports broke out above its March 18th, 2016 closing highs (secondary reaction highs), and, hence, according to the “Rhea/classical” Dow Theory (which only uses the Industrials and Transports in order to look for confirmations), a primary bull market was signaled.
By the way, now we have a triple confirmation, which is normally good.
GOLD AND SILVER
SLV has recently made higher closing highs which were unconfirmed by GLD. On April 29th, GLD made higher closing highs, and hence confirmed, which tends to be positive. However, such a confirmation has taken quite a long time (more than 2 weeks), and hence, it might be indicative that a secondary reaction is coming soon.
Here you have an updated chart:
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.
The Dow Theorist