Focused Attention

It can be said, nothing gets more attention on ‘The Street’, than a failed move.

If so, that’s what we have with the miners, specifically the Junior’s, GDXJ.

There’s been a case of ‘mystery volume’, showing up in the leveraged inverse fund JDST, link here.

Now, we’ll look at the GDXJ, technical indicators, presenting the possibility for a sustained downside (not advice, not a recommendation).

Junior Miners, GDXJ, Daily

The failed upside breakout is clear.

In addition to the reversal, MACD is posting bearish on both the lines and histogram. Those indicators have just crossed to the downside.

Let’s not forget we’ve also had (potentially) the largest hype, Fed imaginary pivot, move in market history.

For the miners at least (along with silver), they’re saying, if there’s any ‘inflation’ to be had, it’s not happening now.

Maybe later.

Stay Tuned

Charts by StockCharts

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