1. Market breadth: the correction continues to spread

Breadth has fallen nearly 18 percentage points in just two weeks. On the matched four-week sample, the decline reaches 26.35 percentage points. The improvement in weekly returns has therefore not stopped the loss of long-term uptrends. A durable recovery would require broader participation, not merely a bounce in a handful of names.

2. Drawdowns: early stabilization, substantial damage

42.6% of securities with valid observations trade more than 30% below their 52-week closing highs, a modest improvement from 43.9% a week earlier. The proportion down more than 50% remains at 9.5%.

Drawdown depth is no longer worsening at the same pace, but that improvement has yet to translate into better MA200 breadth. This distinction matters: a slowing decline is not the same as a confirmed reversal.

3. Volume: less selling, not yet strong buying

The median signed 20-session volume balance improved from −15.91% to −9.52%, while the share with a positive balance rose from 30.0% to 38.7%. But median relative volume fell from 0.84× to 0.77×. Only five securities showed relative volume of at least 1.5×, and just one combined that level with a positive five-session return.

Interpretation: selling pressure is easing, but forceful, broad-based accumulation has not yet appeared.

4. Dispersion and leadership

The 25 strongest weekly performers posted a median gain of +5.13%, compared with −6.01% for the 25 weakest. Examples of weekly strength include Aura Minerals (+11.36%), Galiano Gold (+10.05%), Skeena Resources in Toronto (+9.02%) and Lundin Gold (+8.91%).

Short-term winners should not automatically be treated as structural leaders. Galiano Gold and Lundin Gold, for example, remained below their respective 200-day averages despite their weekly advances.

5. Relative strength: short-term weakness, longer-term resilience

The median weekly relative return improved to −0.96% from −5.54% the previous week. The median four-week relative return stands at −9.83%, while the three-month reading remains positive at +11.98%.

This combination suggests severe near-term underperformance without necessarily invalidating the stronger relative structure accumulated over a longer horizon. Neither a completed correction nor a new advance can yet be inferred from these observations alone.

Conclusion: stabilization is possible; confirmation is missing

GDX–GDXJ shows signs that selling pressure is moderating. Weekly returns have stabilized, drawdown deterioration has slowed, and signed volume balance has improved. However, breadth continues to contract, median relative volume remains subdued, and high-volume advances are exceptionally rare.

The key signal to watch is a sustained recovery in MA200 breadth accompanied by broader positive volume participation. Until then, the evidence supports a tentative stabilization hypothesis—not a confirmed end to the correction.

Methodology: equally weighted security-level scanner observations, not index-cap-weighted measures. Listings may overlap economically; the 150 records should not be interpreted as 150 necessarily distinct legal companies. This report is independent research, not investment advice.

Full 150-Security Ranking

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