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On April 28th, I sat down with Maggie Lake on her show, Maggie Lake Talking Markets. 

While we covered a lot of topics on my mind lately, the consumer is the ultimate test on the next market and economic direction. 

Remember, we look forward, not backwards. 

The consumer, as seen through the eyes of our Granny Retail XRT, is positive but not decisive. 

This daily chart shows why. 

While holding critical support levels, the 50-DMA (blue) eludes the price. 

XRT on leadership underperforms, which is critical. We must have the consumers on board. 

Real Motion is encouraging but has not yet shown impressive momentum. The red dots are close but need to clear the 50-DMA. 

As for the rest of the conversation, you can hear it here.

Some of my notes for the segment: 

Last time the gold to silver ratio peaked like it did on April 22 was October 2022. 

From then on 

1. Silver prices rallied 
2. The yields relaxed and TLTs rallied (after a long rate hike cycle and pause) 
3. SPY bottomed but took months to start rallying (big chop until Spring 2023 
4. Dollar topped 

Now in 2025 

Gold to silver ratio peaks on 4/22-since then 

1. Silver prices rallying 
2. Long bonds bottoming (after a pause this year, will Fed lower) 
3.  SPY may have bottomed but could chop around for months considering uncertainty 
4. Dollar broke a 6–8-year business cycle low and could trend lower 

ETF Summary  

(Pivotal means short-term bullish above that level and bearish below)  

S&P 500 (SPY) 560 big area to clear and 535 to hold  

Russell 2000 (IWM) 180 support-200 resistance    

Dow (DIA) 400 support  

Nasdaq (QQQ) 460 support 480 resistance 

Regional banks (KRE) 50 support 

Semiconductors (SMH) 200 support 230 resistance  

Transportation (IYT) 60 key area  

Biotechnology (IBB) 120 near-term support 

Retail (XRT) 64 key to hold. 69 resistance 

Bitcoin (BTCUSD) 89k support 95k pivotal 110 resistance 

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