I'm seeing lots of divergences on the daily chart of GDX which suggest a bottom may be in for the miners. I've noted two time periods on the graph, the first marked with blue arrows and the second marked with green arrows.
The green arrows show several weeks of trading back in July where price declined but volume, RSI and MACD were not confirming. What followed shortly after was a 20% surge during the month of August.
After the customary post-rally beat down,we now find the situation repeating again. Price had been in a steady downtrend for the last couple of weeks, but just like last time, volume, RSI and MACD refused to confirm. And sure enough, we're seeing a surge this morning after the disastrous payroll report. As I type, GDX is up 5% and has, in fact, popped back over the 50 dma. This chart sure has the appearance of a bottom-in-progress.