Metals and Miners are down slightly. The stock market is trying to rally, and oil slipped another 2%.
-GDX- Miners could be in the process of forming bearish engulfing candles. If this is legitimate bearish behavior (not another fakeout), then it’s likely forecasting a breakdown below the blue trendline tomorrow or Thursday. In line with the potential “bull trap” theory.
It’s hard for me to put any weight behind today’s price action. Oil appears caught in an unyielding downtrend; prices are well-overdue for a bounce. Perhaps they will stabilize after the elections.
I don’t foresee much changing before today’s close. The Tuesday report should be out around 5:00 PM.