It's a waiting game to begin the new month as the Dow fell 46 points on light volume. The advance/declines were negative. The summation index is moving sideways. Another bank failure but the market seemed to take it in stride as it wasn't unexpected. A somewhat listless trading session as we await the Fed on Wednesday. Another rate hike is in the cards but the speech afterwards should provide some market movement. Until then we'll just be hanging around. Short term overbought now for the S&P 500 and the daily candlestick chart has what looks like an evening star here. That could be ominous going forward unless we can continue higher. In fact a lot of the daily candlestick charts for the major averages have the same potential evening star on them. So getting some upside from here is essential for the bulls. Gold was off ten bucks on the futures. The US dollar was higher along with interest rates. Both the XAU and GDX had fractional losses on light volume. Light volume equals no interest. It was another session where the gold shares opened higher and closed lower. Still short term oversold here on some of the indicators but we're not seeing a bounce. My GDX May calls are losers and this trade is not looking like it will pan out. The Bollinger bands are contracting on the daily GDX chart which implies that a big move is coming. The way it looks today is that the move will be lower. Mentally I'm feeling OK. The VIX was up bit today and that fits the lower prices. Short term oversold here and there's the potential to work off that conditon and the market to move lower near term. That would fit with the evening star candlestick picture. But we all know that the market moves where it wants when it wants. The VIX can stay oversold for extended periods of time as well. There's no doubt that the market will move off of the Fed though and we're just waiting on that. Which way is the question. Most foreign markets were closed for May day. We'll keep an eye on tonights headlines.