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Dow Theory Update For August 1: Stocks Make Confirmed Higher Highs

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

Primary bull market for stocks re-confirmed

Stocks

The SPY, Industrials and the Transports closed up. The three indices we monitor bettered the most recent recorded closing highs, and accordingly the primary bull market has been re-confirmed. Here you have the chart that says it all:

 

 

Primary bull market re-confirmed today

The primary and secondary trend is bullish, as explained here, and more in-depth here.

Today's volume was mixed. On the one hand, we had a bullish pivot, namely, that today's volume exceeded the volume registered at the preceding closing high. This tends to be a bullish sing. On the other hand, today's volume was lower than yesterday's, which has a bearish connotation. I ascribe, though, more value to pivots than to the day-to-day readings of volume. Bearing all this in mind, I'd label the pattern of volume as neutral.

Here you have an updated chart displaying volume readings and price action:

 

 

Volume is neutral

Gold and Silver

SLV and GLD closed down. The primary trend is bearish, as explained here and reconfirmed bearish here. The secondary trend is bullish (secondary reaction against the primary bearish trend), as explained here.

GDX and SIL, the gold and silver miners ETFs closed down

The primary trend is bearish, as explained here and reconfirmed bearish here.

The secondary trend for GDX and SIL is bullish, as explained here.

Sincerely,

The Dow Theorist

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