Primary and secondary Trends unchanged for both US stocks and precious metals and their ETF miners
I will be travelling in the next few days, so I feel I won’t be able to post for at least one week. When I find time, I’d like to continue writing my “capitulation” saga.
The primary trend as per Schannep’s Dow Theory is bullish since March 1st, 2019 when both the Industrials and the S&P 500 closed at +19% from the 12/24/2018 bear market closing lows.
However, “capitulation” suggested the opening of a partial commitment to stocks on the very day of the market bottom (12/24/2018). More about that partial commitment here.
And more about “capitulation” in general in the following links:
On June 5th, 2019 a setup for a primary bear market for US stocks was completed as was explained here.
Since June 5th, the technical situation has not changed as per the Dow Theory. The primary trend remains bullish, the cyclical trend which is longer term than the primary trend is bullish too (as explained here, and more in general here), the secondary trend is bearish (secondary reaction) and the setup for a primary bear market signal remains in place.
GOLD AND SILVER
The primary trend is bullish since 12/24/2018 as explained here. No changes. We finally got a secondary reaction on 4/16/2019 when GLD violated its 03/07/2019 closing lows (and confirmed SLV which had done so some days ago). More about the entrails of such a secondary reaction here and here.
Furthermore, currently SLV and GLD setup for a primary bear market signal as was explained here.
GOLD AND SILVER MINERS ETFs
The primary trend is bullish since 12/18/2018 as explained here. No changes.
The secondary trend is bearish (secondary reaction) since 4/18/2019 when GDX violated its previous 03/06/2019 closing lows (and confirmed SLV which had done so several days before), as was explained here. and here
Furthermore, currently SIL and GDX setup for a primary bear market signal as was explained here.
The Dow Theorist