GLD Continues lower

 GLD is already trading at higher volume then the entirety of yesterday. The way it's heading now, the last two days of buyers will be caught in a bulltrap, should GLD continue lower to the $154 area, nearly 2 weeks of longs will be caught in a bull trap. This is why I have been warning about GLD so often. "If" the longer term 3C negative divergences play out on this leg, we could be looking at a very serious reversal in GLD, but most of you know that I have felt the July 12th breakout move would likely lead to a trap.

 Here's the intraday action in GLD, any sign of a 1 min positive divergence has led to no more then a brief consolidation as expected. I would think the BTD crowd will step in at some point shortly, we'll see what the underlying action does to these perma bulls.

Even the 15 min chart was negative on today's gap up open, that's some serous distribution in a short period of time.