Miners Deliver Bullish Response

The Miners ran into resistance just below the 200 day MA. They had been in decline — until Monday.

The Miners printed their lowest point on Friday, day 41, placing them in their timing band for a DCL. Monday’s swing low signals a new daily cycle. A close above the 10 day MA will have us label day 41 as the DCL. Since the Miners were in a daily uptrend, Monday’s swing low signals that the Miners will remain in their daily uptrend and triggers a cycle band buy signal.

The bigger picture shows us that the Miners delivered a bullish response to the backtest of the declining multi-month trend line. A close back above the 200 day MA will signal a major change of trend.

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