GDXJ has been flirting with danger since November, but it doesn’t seem to be in any hurry to get out of the red zone. Bulls deserve the slight benefit of the doubt nonetheless, since an important Hidden Pivot support at 20.83 has yet to be decisively exceeded. If and when that happens we might expect any selloff that ensues to hit 16.34 (A=30.74 on 1/23). Alternatively, we could breathe a sigh of relief if buyers can hoist this angst sink above the midpoint pivot at 33.67. _______ UPDATE (7:50 p.m.): GDXJ continued higher after opening on an impressive gap. Because it spent most of the day in an apparent consolidation at 26.63, a not insignificant Hidden Pivot rally target, we should expect still more upside in the days ahead. If so, the closest resistance above lies at 27.04, and the next at 27.34.
