Precious metals correction should be nearly complete

SPX Trend still bullish- Expecting upcoming push next week above SPX-4200. Dips have support at 4080-90.

The relentless churning in US Equities continues.  While this past week has proven to be a choppy mess of consolidation, it certainly hasn’t done much to convince me that prices are headed down under 4050 right away.

Daily SPX charts show prices at nearly the same levels as where SPX closed six weeks ago. Thus all of April as well as the first two weeks of May have proven quite uneventful. However, as the saying goes, “Never short a dull market” I don’t suspect that those expecting immediate market peaks will be proven correct just yet, despite the waning breadth. (Waning breadth is normally what happens as stock indices move from uptrends into a sideways pattern.)

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