GLD

Yesterday, GLD closed at below the intraday highs, I remarked several times yesterday how it was only $.06 away from taking them out, which would be an event we'd want to watch carefully for a false move, even better would have been a close above the intraday highs. Today we are seeing GLD trade above the intraday highs, which warrants watching it for a reversal and it seems we have some cause as well.

 Here's today's daily chart, the red trendline represents the intraday highs or resistance.

 Here on a 1 min chart, you can see what it is so profitable for HFT and other institutional traders to take out these levels, whether they intend to move the ETF higher or not, just look at the volume which provides revenue through the bid/ask volume rebates and if they choose, excellent positioning and a bulltrap on a reversal). Now is the time to watch for a break down below the red trendline.

The 1 min chart is negative here so some downside should occur, whether it breaks the support at the trendline or not is what we want to see. If it does, volume should rise and a short position could be initiated with minimal risk using today's highs as a stop.