Gold Miners ETF (GDX)

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By Tim Ord

* February 13, 2017

Bearish Sign For The Market

• SPX Monitoring purposes; Covered short SPX 1/31/17 at 2278.87 =.09% gain; Short on 1/30/17 at 2280.90
• Monitoring purposes Gold: Long GDX on 12/28/16 at 20.25.
• Long Term Trend monitor purposes: Short SPX on 1/13/16 at 1890.28



A divergence has showed up both in the Advance/Decline percent and Up down Volume Percent for the short term. There is minor resistance at the November higher near 26.00 and GDX has stalled at this resistance level. GDX has not touched that level yet and most likely will in the coming days. When and if this resistance level is touched or exceeded and the divergence is still present we may exit our long position for a possible retracement down to support near 22.50 range. We don’t won’t to get ahead of ourselves but a potential Head and Shoulders pattern may be forming here; more on that later if more evidence is obtained on the potential pull back. Long GDX on 12/28/16 at 20.25.

http://www.talkmarkets.com/content/us-markets/bearish-sign-for-the-market?post=122179

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