Down the Other Side of the Mountain

Headed into the final hour of trading today we can see the SPY, actively-traded ETF for the S&P 500 Index, below on the hourly timeframe illustrating that price "came around the mountain" back down to its lows from the second week in February, denoted by the horizontal light blue line. 

This has turned out to be the scene of a skirmish today, as buyers and seller duke it out for short-term initiative after some selling this week. 

I doubt we see decisive resolution today, which has me actively managing my positions by trimming gains and trailing stops. 

As for the miners, they are staging impressive intraday rallies today, though that weekly close will be a bigger "tell" for them going forward, in my view. Still if GDXJ closes over $21.40 it is a short-term win for bulls who stepped in and may very well make bears pressing the junior miners in the hole a bit nervous into tomorrow and Friday. More on this later.