The 2016 bounce in copper ran into resistance from various channeling techniques early this year and has been drifting lower since. I remain skeptical that a significant low has be set in copper, this may be the early stages of a move down over the next couple years to a new low under that of […]
I’ve taken a look at this sector ETF to see if it had any clues to wear we are in the broader stock indices. In general looks like the SPX. Either the expected near term high is the penultimate high or with a different EW count, this could be a more significant high.
The last ditch support for hopes for a new high in SPX is 2392 was tested late in the day yesterday. Important that they rally off that number today to get that one last high that will knock at a few early bears and may finally exhaust the advance.
In the big picture, US equity indices are probably becoming overbought and could use a correction but probably jumping the gun to think that any turn lower kills the bull market. Short term, may see a little follow-through upward of the move from last Friday.
The major news event for the day is the NFP. I’m leaning to the market liking the number and a move to a new SPX/ES high. The proposed move higher can last into early next week if it is slow though there is a chance that they spike to a new high quickly and a […]