IWM gapped below then perfectly backtested its primary uptrend line (green) confirming its significance. 

Spx bouncing off its channel line. 

That is exactly the kind of thinking that destroys people in a bear market. Theoretical fundamental values are not part of the equation in forced liquidations. A large reason reason for that is the fact that forced liquidations cause a negative wealth effect and further erosion in the theoretical fundamental values while also irreparably destroying the supply/demand equation in the security for a minimum of the short and intermediate term time horizons. 

I should note, Martin Pring’s work suggests a significant reversal in the relative strength of tech verse oil and gas, similar to what occurred in 2000 and corresponding with tech failing to exceed its prior highs for over a decade. 

I spent much of the day explaining to people that the action in things like ARKK, PBW, KWEB, etc, etc is exactly what occured in the internet names in spring 2000. Stealth bear markets in growth are not something to turn a blind eye to once rolling tops begin. With charts like AAPL having what is likely a year long distribution pattern in place this is not bullish action whatsoever. 

That information is quite misleading. It presumes you sold before May and had no exposure all month, which is not what the axiom states. Instead it is sell IN May. Most programs that attempt to profit from that strategy use a momentum based technical indicator to exit at some point after May 1st (possibly even after May) once a sell signal is triggered.  

https://school.stockcharts.com/doku.php?id=trading_strategies:six_month_cycle_macd

Anyone trading GDX should keep an eye on the declining purple channel. 

For the time being, yesterday’s retracement in the dollar appears to be a successful retest of last week’s breakout above its falling trendline and its uptrend channel. 

GLD falling back into into its declining channel as well. 

SLV rejected hard off the top of its declining channel again. 

Today’s move in silver puts it right against the top of its channel. 

Update of this mornings chart with todays move. 

As some here might remember, I was very bullish when GLD appeared to be breaking down in March and I stated that the move was nothing more than the completion of a move to downside fib targets and I pointed out that it was occuring in conjunction with a big fib turn window (time and price squaring out). That was in fact the ultimate low to date, but was tested through a double bottom. At the time of the second bottom I reiterated my bullishness based in large part on what I pointed out as an expected top in the USD as it had rallied to an upside projection, which was also the backside of a multiyear trend line.

Now, after a good rally in GLD, and straight line selloff in the dollar, that dynamic has completely unwound and strongly favors the USD rallying and a much tougher time ahead for GLD.  

Here is the SPX, as you can see it has not materially moved, still just oscilating around the Fib fan line. 

Not sure why the charts did not post earlier...here they are at the time of the original post. 

Critical juncture here. 

1.618 Expansion Target hit with a Setup +9 count occurring above a daily Propulsion Exhaustion level is not exactly a high odds zone to be long in. 

SLV following through on yesterday’s breakaway gap, and reversing back above the 200 DMA. 

Just throwing out there the fact that in addition to coming into a long term Demark price target tht would increase the probabilities of a reversal (or acceleration), we are also at a key cycle date on the SPX.