That does not refute the downtrend hypothesis, in fact an upmove to $1550 would still leave the series of lower highs intact.
(granted some of the ursine among us would be reaching their pain threshold)
You can see this action in the hourly chart (FinViz) although I'm guessing (and that's really all it is) that the futures are going to bounce around in their new channel-$1440 to $1485 until the holiday demand from India abates. We've seen the immediate term selling dry up at $1440 on both May 1 and May 7 with the top of the channel holding on Apr. 25, 26 and again on May 3.
From Wall Street Pit, May 7, 1:24 pm:
GDX – Market Vectors Gold Miners Index ETF – Big prints in GDX put options on Tuesday morning indicate some traders are positioning for shares in the Market Vectors Gold Miners Index ETF to potentially drop to the lowest level since December of 2008. Shares in the ETF are off 3.0% today at $28.85 as of midday in New York. Volume in GDX options is heaviest in the Jun $27 strike puts where nearly 40,000 puts have traded versus open interest of 16,819 contracts. It looks like the bulk of the volume was purchased for an average premium of $0.89 per contract. Put buyers stand ready to profit at June expiration should the price of the underlying plunge 9.5% from the current level to trade below the average breakeven price of $26.11 by expiration. Sizable prints in the Jun $27 puts helped push the put/call ratio on GDX above 4.4 during the first half of the session.In early pre-market action the GDX is up3 pennies at $28.88 here's the 2-year chart:
The ETF has been in a downtrend since hitting $66.98 intraday on Sept. 9, 2011.
