-GDX- The gap was filled, and prices are testing the cycle trendline. Again, I don’t see a real urgency to sell metals and miners here despite broken support. I’m not sure what that means just yet, perhaps prices are looking to bounce.
-SPY- I think prices may have bottomed on Monday, especially if SPY closes above the 10-day EMA as well as the A-wave (270.36) low. Whatever the case, I doubt we will see a trending move higher until after the elections. We will probably get some backing and filling, including today’s large opening gap. Volatility should contract by the end of next week.
