The equity indexes closed slightly lower on Monday as the Dow Jones Industrial Average lost 19 points to close at 20,052 and the S&P 500 lost nearly five points to close at 2,292.  The Nasdaq was lower by three points to finish at 5,663 and the Russell 2000 was down 11 points to close at 1,367.

The S&P 500 Trust SeriesETF traded just over 56 million shares as volume continues to be an issue in this stock market.

It appears that the S&P 500 Trust Series ETF is in a tight trading range with support near the 2,260 area and resistance near the 2,300-2,320 area. A break above the resistance should move the market higher, but a break below the 2,260 area can propel the S&P 500 Trust Series ETF down to the 2,240 level on a short-term basis.

As mentioned in last Friday's article, we are long the Direxion Daily Gold Miners Bull 3x ETF(NUGT) - Get Report . On Monday, this ETF rose more than 11% as gold and gold Miners continue to be standout performers in 2017.

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It appears that the gold and gold miners are just beginning a surge upward in 2017, and the trend (three months or longer) on both ETF's has turned bullish after having a breakout to the upside on Monday.

Attached is the daily chart of Direxion Daily Gold Miners Bull 3x that clearly shows a close above the SST Daily Risk Range.  When we have a close above the top risk range, that is a sign of a trend change, and that it is now bullish on the daily time frame.

A short-term pullback is necessary over the next few days so this ETF can reset again before another move to the upside.

It appears that NUGT can pull back to the 22-day moving average where there is strong support. The ETF is currently overbought on the daily time as witnessed by the 94.61 SST Strategic Number.  

A pullback to the 22-day moving average is now a buying opportunity.  This breakout is also being confirmed on the weekly time frame.

Traders and investors should use any pullback as a time to get long both gold and the gold miners.

This article is commentary by an independent contributor. At the time of publication, the author held a position in NUGT.