Loading ...What I see in the GDX Right Now
I know many are looking to buy miners now but I think it’s premature, at least based on what I’m seeing in the charts right now. On the daily the 13ema is still firmly in charge as resistance, and I think we have another instance where a bearish flag has broken down and is backtesting in a weak consolidation structure. I suspect this consolidation is a prelude to the next hard leg down which could start any day now. Wouldn’t you rather see the 13ema become support before making bullish bets?….otherwise I think longs are trying to swim upstream.
Adding a chart at 12:40pm – showing some GDX vulnerability here. GLD gap fill, GDX thin zone fill and both looking to move down more while S&P moves sideways to up.
Agree. Seems we are go here very soon in the markets.
Mark, is that a poss bearish diamond pattern continuation in GDX? Thanks, Gary
This is as tricky a set-up as it gets. There is a tentative technical buy signal on GDX on the daily, but the structure remains bearish. The market appears to be doing its best to position the majority offside for the move to come.
I have noticed this in most of the commodities this week – Oil – Natural Gas and PM’s – lots of intraday swings – directional changes – hesitations – head fakes, etc.
Seen it before in a single market, but not in so many areas at the same time!
I see a top already in as of noon today with a bounce up later today/tomorrow and then the start of the bigger downward move in GDX by Friday – that’s my call from what I see 🙂
Great Charts Mark
You make a compelling point
I am flat but leaning Bear