While this morning's sell-off came close to breaching key support levels, thereby triggering a larger topping pattern, the bulls ultimately prevailed....again:

Click to enlarge

SPX_30-minute
The afternoon rally for the second consecutive session was certainly impressive, however, equities still haven't gone anywhere in the last two weeks - meanwhile, the weekly candle in the market leading Russell 2000 indicates some fatigue in the pace of the rally:

IWM_Weekly_7.26.2013
While forecasting the future course of the broader market is about as easy as winning the largest overstuffed bear at a carnival game, there have been ample opportunities beneath the surface. I continue to view the recent consolidation in the gold miners in a very favorable light - we saw continued accumulation below $27 in the GDX all week:

GDX_Weekly
If the bullish interpretation of GDX proves to be correct it may mean a continued highly accommodative stance from the Federal Reserve, which will help to trigger a final last gasp rally for equities and a much larger short covering rally in gold ($1500-$1550) into year end.