Dow Theory Update for December 20: Primary and Secondary trends unchanged

Industrials make higher closing highs unconfirmed

I am on a "vacation mode", and hence my writing will be limited to strictly monitoring trends. No time for in-depth studies.

US STOCKS

The primary and secondary trend is bullish since November 21^st, 2016, as explained here and here.

The Industrials made today a higher closing high unconfirmed by the Transports and SPY. The higher stocks go without starting the first secondary reaction, the more likely losses (if any) arising out from a failed trade are to be contained. Let’s see what happens. 

GOLD AND SILVER

The primary and secondary trend is bearish, as was explained here and here. The primary bear market was signaled on September 30rd, 2016

After what can be considered a secondary (bullish) reaction against the primary bear market (the rally retraced more than 1/3 of the previous decline on a confirmed basis), newer lows (breaking down below the last recorded primary bear market closing lows) has re-confirmed the primary bear market on November 14^th, 2016.

For the time being no secondary (bullish) reaction against the primary bear market in sight.

As I write these lines extreme weakness persists.

GOLD AND SILVER MINERS ETFs

The primary and secondary trend is bearish, as was explained here and here.

After what can be considered a secondary (bullish) reaction against the primary bear market (the rally retraced almost 1/3 of the previous decline on a confirmed basis), newer lows (breaking down below the last recorded primary bear market closing lows) has re-confirmed the primary bear market on November 13^th, 2016

For the time being no secondary (bullish) reaction against the primary bear market in sight.

Sincerely,

The Dow Theorist