The S&Ps opened down a little over a percent and immediately began to rally. The dollar also hit its low for the day around the same time and began to firm as well.

After running out of gas around mid-morning, the rally in the S&Ps began to fall apart, and we would slowly fade for the remainder of the session to go out back near the mid-levels of the day with a loss of nearly a percent.

The chips, however, were where the real damage was done, as the SOX lost over 5 percent. The QQQ lost over a percent as well.

The dollar ended mixed, with the DXY losing a freckle. The dol/yen once again barely moved and hovered near a multiyear high. Yields slipped a couple bps.

BTC bounced a percent, while MST continued its death spiral and fell 4 percent to another new 52-week low.

Commodities were mostly firmer except for crude oil, which slipped another couple percent despite US and Iranian fighting picking back up. Don't ask me to explain oil, because I can't.

Bounces in other commodities all retraced back to the 5 dma for the most part, but none of them managed to close above it, such as copper, platinum, etc.

Gold hit is high up at $4093 shortly after the equity open around the same time that the dollar hit its low. That high also interestingly came to within just a few bucks of the $4098 March low. From there, the metal would fade to go out back at $4070 for a gain of over a percent and a close just below the 5 dma.

Silver would hit its high around the same time and never even sniffed its March low before going out back under 59 with a gain of nearly 2 percent and a close below its 5 dma as well.

The GDX opened near yesterday's high and traded up through the 5 dma before the then reversing a fading to go out back near the lows of the day and below the 5 dma but still with a gain of nearly 2 percent.

Gold and the GDX both interesting saw their 50 dma cross the 200 dma to the downside for the first time in several years, which is the so-called "death cross." Sometimes this can indicate coming downside acceleration, and sometimes it's completely meaningless and means nothing at all. So, we shall see.

With the two day bounce having failed to recover the 5 dma, the bears remain in charge in both the metals and miners, so there's risk of sellers returning. However, with quarter end approaching on Tuesday, position squaring may favor the bulls over the next two days.

I still see risk to the downside given the lack of upside in response to my model's Tier 3 Buy signal.

My gold model once again triggered a Tier 3 BUY for 6th straight session.

Positions: Short SPY, QQQ, IWM, and MDY. Long DBA, IBIT, and STRC.

Metals: I doubled GDXD on the bounce to the 5 dma. I also added SLV 50 puts for Monday for 7 cents.