Morpheus Trading: Our weekend and Monday night ETF scans did not produce much in the way of actionable setups. There isn’t much out there on the long side, other than potential pullback entries in commodity related ETFs. This brings us to our first chart in Global X Gold Explorers ETF (NYSEARCA:GLDX).
We first established partial size in $GLDX over the high of 3/4 on 3/5. Since the price and volume action was strong on 3/5, we do not mind adding to the position on weakness IF it pulls back in to the 20-day EMA. The 20-day EMA is currently around $15.40, which is also where the short-term uptrend line is:
With clear support at 15.40, we are placing $GLDX on today’s watchlist using a buy limit order (regular subscribers should please note our exact trigger, stop, and target prices in today’s report).
If $GLDX does not pull in to the 20-day EMA and chops around in a tight range, then we will add to the position on strength.