The Metals & Mining SPDR (XME) got a bounce with the stock market in the second half of October, but struggled in November with a trading range between 34 and 36.5. This struggle turned to weakness as the ETF gapped down on Friday and fell sharply. A follow through support break would signal a continuation of the bigger downtrend and target a move to new lows. The indicator window shows the XME:SPY ratio hitting a new low already as XME shows relative weakness. Note that copper fell sharply on Friday, Caterpillar gapped down and gold is down sharply.