Update

My system moved higher yesterday to +1200 but needed a confirmation up day in my system today and did not get it as my system flatlined putting the neutral signal on once again. I was not able to post yesterday and I really wanted to stress the fact that although the $SPX hit new rally highs, the $HGX was unable to do the same. That was a warning that today the $HGX would continue to consolidate and sure enough it did. That said, the rally in the $HGX could start up again next week which should take it over the 100 level. Its intraday low today was exactly at the 200 day SMA. There is rock solid support in the 80-85 level right now but if we get the rally next week, then it is likely that support will move up to the 95-100 level where we should come back to test later in May or in June. The employment report next Friday as well as the stress test results will likely provide the major catalysts for market movement next week. I will post again on Monday. Have a great weekend!