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Dow Theory Update For May 28: Industrials Make Higher High Unconfirmed

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

Precious metals unable to rally

Let's begin with our Dow Theory commentary for today.

Stocks

The SPY, Transports and Industrials closed up. However, only the Industrials made a higher high. The longer non confirmation by either the SPY or the Transports persist the higher the odds for a secondary reaction to develop.

Today's volume was higher than Friday's, which is bullish as advancing prices were supported by expanding volume.

Gold and silver

GLD and SLV closed down. The primary and secondary trend is bearish.

SIL closed up. GDX closed down. The primary and secondary trend is bearish.

Sincerely,

The Dow Theorist