No change of trend in sight.
Tomorrow there will not be any post on this Dow Theory blog. It will be a short day, and I will take it easy.
The Industrials, Transports and SPY closed up.
Today's volume was lower than yesterday's. This is bearish, as higher prices were not met by stronger volume. I'd label volume as neutral for the reasons given here.
Gold and Silver
SLV, and GLD closed down. For the reasons I explained here, and more recently here, I feel the primary trend remains bearish. Here I analyzed the primary bear market signal given on December 20, 2012. The primary trend was reconfirmed bearish, as explained here. The secondary trend is bullish (secondary reaction against the primary bearish trend), as explained here.
Here, I explained that GLD and SLV set up for a primary bull market signal. However, a setup is not the same as the "real thing," namely the primary bull market; thus, many "setups" do not materialize and until the secondary reaction closing highs are jointly broken up, no primary bull market will be signaled.
All in all, the last shoe to drop for the precious metals sector would be GLD and SLV reconfirming the ongoing primary bear market. Until this happens, the secondary trend is bullish, and this is the only "bullishness" to be found in this beleaguered sector.
The Dow Theorist