At last, one day without significant DowTheory events. Thus, after some lengthy posts, today I am going to keep it short in this Dow Theory blog.
The SPY, Transports, and Industrials closed down.
The secondary turned bearish, which implies an ongoing secondary reaction against the primary bullish trend, as explained here.
Today's volume was lower than yesterday's. Since stocks closed down, contracting volume has a bullish connotation, as lower prices were not confirmed by volume. For the reasons I gave here, I'd say that volume is bullish. Furthermore, the last breakup of 08/01 was a bullish pivot, as was explained here.
Gold and Silver
SLV closed up (by one cent), and GLD closed down. For the reasons I explained here, I feel the primary trend remains bearish. Here I analyzed the primary bear market signal. The primary trend was reconfirmed bearish, as explained here. The secondary trend is bullish (secondary reaction against the primary bearish trend), as explained here.
The Dow Theorist