Finally the weekly volume levels in the GDX ETF paint a very bearish picture for the following weeks The GDX ETF is after 2 small weekly rallies that were accompanied by very low volume when compared with the previous weeks The last week had less trading days but that doesn t explain the previous week s low volume reading Moreover we didn t see similarly low volume readings in the past Novembers which suggests that we are correct to view the low volume levels as something important and meaningful 