A few pictures of upside gaps filling on various indexes, as we speculated might happen on the short-term.
HUI is going for the gap just above 330. The keys to exiting the correction are the SMA 50 and October high.
GLD filled last week’s gap down and has another gap just above. The key here is the SMA 50 and then the October high that the gap created.
SLV filled its gap and like GLD has another at the October gap up. Taking out the SMA 50 and that previous high is key here.
SPX has filled last week’s gap down this morning. The SMA 50 stands as a gatekeeper, above which the bulls could gain momentum.
NDX is similar. As a side note, NDX/SPX ratio broke down this morning but is trying to recover. That’ll bear watching moving forward.
SOX is not leading a market decline. We are watching SOX as a leader and thus far the leader is the most intact index, maintaining its higher highs/low and its SMA 50. As a side note, SOX/NDX & SOX/SPX ratios continue to be constructive.