Not to amp up the noise, but if the sector is going to keep doing an up one day, down the next, up the next routine around the 2008 low we are going to keep noting it, simply because that level is so significant.
So in a repeat of yesterday’s update, if HUI remains strong and closes above that key level (150.27) then it is a candidate to bounce, especially if volumes on the ETFs build during the day. A close above the 2008 low on a weekly basis would be a better sign.
If a bounce were to generate, it would probably be trade-able with the 188 level as resistance because there is a lot of hot air up to that area. But this is a cruel market with its routine up, down, up sequences. Everybody is getting whipsawed, bulls and bears. Bigger picture, the bears have the ball with the break below 188.