XAU and the miners are forming W patterns. Five higher lows for XAU should move it over the last pivot high on the weekly chart. Watch for an explosive two weeks in gold and silver stocks.
The stock market is definitely on fire and has been on a rise for the last three years. May marks the sixth month in an uptrend of higher highs for the SPX. Most of this action has been due to the Fed’s juicing up the market. How long this can last is anybody’s guess, but they seem to be able to kick the can down the road at an endless pace. This doesn’t stop the fact that trends need a rest.