Recall these two 30-minute charts we looked at last Thursday during that intraday shakeout, of the SPY and gold miner ETF. They failed to indicate a change in character, as the S&P continued on higher and the miners lower. It was not, in fact, different that time.
So what about now?
GDX breaking above $27.75 and SPY below $166.25 most likely would add credence to the short-term change in character thesis. But we know which trends are still in control for both miners and the S&P, which means they must actually occur before we can take them seriously.
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Hey Chess, do you think USD is part of the puzzle as well?
will be interesting to see what happens as USD pauses here