Despite the 40% decline in the Market Vectors Gold Mining ETF (GDX) since March, the gold miners ETF does not exhibit a pattern of completion.

The QQQQ failed to push higher than 86.51 this morning prior to pivoting to the downside.

The streetTRACKS Gold Shares (GLD) looks to be completing a downleg off a recent high.

The natural gas inventory data did not have much of an impact on the ProShares Ultra Long Oil & Gas ETF (DIG).

Today's action in crude fits inside of yesterday's range, which represents neutral action within the otherwise bear trend if oil prices are unable to break to the upside above $115.95.

We will know more on Monday whether the QQQQ will confirm upside follow-through.

The downleg in the QQQQ from the July 31 high at 46.12 to yesterday's low at 44.30 has its 50% recovery resistance plateau at 45.21.

Basic materials names are getting clobbered, as evidenced by the vertical thrust of the ProShares UltraShort Basic Materials ETF (SMN).

The QQQQ is nearing a test of key resistance between 45.60 and 46.00.

The SPY is pressing against the top of a support range, which must contain any forthcoming weakness to avert serious pattern deterioration.