The Squeeze Watch (07/24/2026)

Welcome to The Squeeze Watch.

Gold miners nearly quadrupled from early 2025 to February of this year. 

Everyone piled in. Record inflows to ETFs, headlines about central bank buying, "gold to $5,000" calls. 

Then GDX shed 21% in a single quarter, the worst three-month stretch in years, and the unwind is still going. 

The most crowded trade of early 2026 is now the most vulnerable. Today's standout:

Here it is: 

The Gold Miners ETF $GDX is currently exhibiting a squeeze score of 94.7 and a long-term squeeze score of 92. 

Here’s what the chart looks like: 

GDX is threatening to roll over from a multi-month top, with price now testing a key polarity level.

Volatility on the Strazza Indicator has compressed into a tight range, signaling energy's been reset for the next directional move.

A breakdown below 70 could open the door to an aggressive move lower.

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