Precious metals and stocks closed down
Today is going to be a short Dow Theory commentary, as there are no relevant events.
The SPY, Industrials, and Transports closed down.
Today's volume was higher than yesterday's, which has a bearish connotation as volume expanded with declining prices. The overall pattern of volume is bearish for the reasons explained here. Here you have a chart that shows lots of red arrows (bearish). You can notice that the last six days (3 "up" and 3 "down) have been bearish volume days, which resulted in 6 red arrows. Volume contracts in up days and expands in down days. The updated chart below shows clearly that the trend of volume is clearly bearish: Ascending when prices decline and descending when prices rally.
Gold and Silver
Eventually, one of these primary bear market re-confirmations will be proven false. In the meantime, it is better not to fight the trend, and wait for a primary bull market signal in order to make a commitment on the long side.
The Dow Theorist