this thread is getting OLD !!
Re SPX/SPY, check your monthly MACD line, not the histo.
(Likely) turned down for the first time this year. But COMFORTABLY still on a buy relative to signal line.
I say likely b/c I don’t use the standard spec. So I can’t be sure. But a correction was due.

My ‘read’ is that off the Oct ’22 lows, we’re in an abc up for wave B/2. STILL. (They need to suck more in.)
And c (from Mar/Apr. — red C in chart) internally will be in five waves. We’re in iv of c, quite probably as an abc itself (at lower degree; see blue sequence in chart).
So the recent bounce (b) is over and c of iv of c is getting started. When iv ends, we’ll head to new rally highs in v of c.

(So I’m tracking a higher red C (not marked but where black 5 is now) and a black 5 wave set within that higher red C — the labeling differs from mine. I have black 1 and 2 in that flat section around May.)

Re GDX, I have it on yet another trend resell signal. Looks like 2-3 months into the next pivotal bottom.
I have bond yields topping before the year is out. At least for a rest. But I do think the worm has turned for the longer haul. (Yields up.) So higher lows are all that’s ahead. Lower lows (and highs) for price.