GDX - rolling over again

Despite the main market actually managing a small gain, the miners slipped for a second day, with the mining ETF of GDX, settling -2.5% @ $28.36. Near term trend remains broadly bullish, but the last few days should be a concern to those holding long into September.


GDX, daily

Summary

The miners have had a great run lately, and certainly, two down days do not wreck the broader trend.

Underlying MACD (blue bar histogram) cycle ticked lower for a fifth consecutive day, and is set to get a bearish cross at the Thursday open..along with going negative cycle.

Certainly, GDX is going to face some downside pressure in the remainder of the week.

First support is at the 50 day MA in the low $26s..so there is risk of 5-7% downside without doing too much damage.
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Again, it should be noted, trading volume in the miners remains VERY high.