Metals and Miners provided subtle clues of topping today, but it is unclear if this rebound has ended. Follow through lower tomorrow would be a step in the right direction.

The dollar hasn’t signaled a bottom just yet, and prices could drop a bit further. A higher close tomorrow would be the first indication of a cycle bottom. However, it would take a close above 100.20 to fully confirm a low.

Oil bounced off $47.00 yesterday, but prices were unable to follow through to the upside today. I’m lowering my stop to $50.58. Closing above the 10-day EMA would be cause for concern, and I’d take partial profits.

-US DOLLAR- The dollar hasn’t explicitly signaled a cycle low. A close above 99.75 will make a swing low and possible bottom. A close above 100.20 would confirm a cycle bottom.

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-GOLD- Prices tested the upper portion of the resistance box. A close tomorrow below $1,242 would form a swing high and potential top. However, it will take prices closing twice below the 10-day EMA ($1,233) to confirm a rebound high.

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-SILVER- Prices rallied just inside the resistance box but immediately sold off. A close below $17.40 would support a high and closing below $17.20 would confirm an end to this rebound.

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-GDX- Prices made a swing high, and $23.56 could mark the high for this rebound. However, we can’t be sure until prices have lower closes consecutively beneath the 10-day EMA.

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-GDXJ- Junior Miners closed below the 10-day EMA. Another red candle close beneath today’s close will support a rebound high at $38.57.

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-SPY- I think we will see a rebound once prices confirm an interval low. If the rebound fails to breakout above the trendline, we will probably see significant selling in April. In that case, I’d expect a test of the 200-day MA.

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-WTIC- Prices tested the $47.00 level and bounced yesterday. However, they couldn’t follow through higher today. The 10-day EMA should contain prices as they continue lower into May.

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Let’s see what tomorrow brings for precious metals.

I may initiate a short position in the S&P 500 if an opportunity presents itself. I’ll keep members advised as the chart pattern unfolds.