Watch for the Throwback

Despite bullish seasonals in September, gold and the gold miners are not cooperating. As I discussed for Members in a video a few weeks back, seasonality should never be exclusively relied upon to make a trade. Instead, it is simply one component of a trade setup. 

And when we look at the updated GDX 30-minute chart, below, that $13 gave way this morning. 

The best (last) hope for gold bugs here is that this move amounts to some type of vicious "bear trap," r false breakdown, before they rocket higher. 

In the meantime, let's see if $13 converts into resistance for a potential short trade, int terms of price retracing up there for a throw-back to the scene of the breakdown. 

Elsewhere, stocks are bouncing off the morning lows, though momentum names like AMBA GPRO MBLY continue to get their clocks clean, and NFLX remains unable to hold bounces over $100.