GLD didn't do much today, but in the afternoon it did put in an intraday positive divergence that looks like it may try to fill today's gap. I likely won't take any action on the current put position, however it may offer an opportunity for those interested in GLD short to enter at a better price point with less risk (so long as the signals stay high probability as I expect they would).
2 min intraday positive this afternoon and the gap area at the red trendline. The reason I believe this is likely a gap fill and no more is the next chart...
The next timeframe, 3 mins which is still an intraday timeframe saw no migration from the 2 min chart, that caps the positive divergence to the 2 min chart.
The 15 min chart still shows the path of least resistance to be down and for shorter term trades in GLD (which the market is dictating right now), trading form the short side makes the most sense as far as aligning trades with the divergence timeframes.
As mentioned, the daily chart does show some changes in GLD toward a more bullish stance, but these charts still have to develop on the 1-60 min charts before they are worth considering.
The longer term daily chart changes in character in GLD, from bearish to mixed and now moving toward a more bullish stance as our initial assessment that GLD would enter at least a an intermediate downtrend has already been fulfilled.
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