The Market Vectors Daily Gold Miner ETF (NYSEARCA:GDX) tested the trend-line that has been in place for the past two months.
From the daily chart below, we can see that today's action is typical for what would be expected as a trend-line test.
Chart by TeleChart
Price action labored its way up to the trendline in the early session and is now retreating and increasing downward speed (and volume) into the close.
For the GDX to penetrate this trend-line, there needs to be a pent-up demand for the entire sector. At this point, that demand has yet to materialize. Therefore, GDX appears to be in position to continue lower.
Note that the overall market (S&P 500) has reached an apex and may be stalling-out.
This potential pivot from up-to-down is the trend-change that has been discussed for several weeks as the "helping factor" to enable (force) the GDX to continue lower.
Disclosure: I am long DUST.