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Dow Theory Update For March 28: Higher High Made By The Industrials Not Confirmed

|Includes:DIA, GDX, GLD, IYT, SIL, SLV, SPDR S&P 500 Trust ETF (SPY)

Is a secondary reaction developing?

Stocks

The SPY, Industrials, and Transports closed up. The Industrials made a higher high unconfirmed by other indices. The longer the non confirmation persists, the higher the odds of a change of the secondary trend (secondary reaction). The primary and secondary trend remains bullish.

Today's volume was higher than yesterday's, which makes it a bullish volume day. However, the overall pattern on volume is bearish.

Gold and silver

GLD, for a fourth day in a row, didn't either win or lose inventory yesterday.

GLD and SLV closed down. The primary and secondary trend of the market remains bearish.

GDX and SIL closed down. The primary and secondary trend of the market remains bearish.

Sincerely,

The Dow Theorist

Stocks: SPY, DIA, IYT, GLD, SLV, GDX, SIL