As posted in the trading room earlier today, there just weren’t any significant technical developments in the equity market worth noting today with prices nearly flat on unusually low volume. However, GDX (gold miners ETF) has set up in a pattern which is certainly worth monitoring, this bear flag/pennant continuation pattern that has formed on the 60-minute time frame following the breakdown below the primary uptrend line off the January lows.


Coincidentally or not, the measured target for the pennant pattern would be right to my 21.40 target. The fact that GLD (Gold ETF) has continued to close lower every single day since breaking down below the large bearish rising wedge pattern on the daily time frame increases the odds that GDX will most likely go on to breakdown below the pattern & continue lower in the coming trading sessions. Counter-trend bounces aside, GLD still appears headed to at least the 116 level.