Commodities have been strong for weeks now, but the price gap (marked in red) represents, to my eyes, an important point of resistance.
Commodity Cycle
Slope of Hope Blog Posts
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Commodity Stroll
Ya know, there’s only so much one can say about an equity market which has been caught in a range for a freakin’ solid month (“Welp, it’s not the top; oh, look, it’s near the bottom; whoopsie, near the top again!“) It’s a bore. So a little change of pace: commodities.
Here are a smattering of charts with a few words about each in the caption area:
(more…)What Does Dr. Copper Signal For Global Markets?
The following monthly chart of Copper shows that price is hovering above the apex of a very large long-term triangle.
Since early 2018, it hasn’t been able to break out above the upper edge of this triangle, confirming the weakness that we’ve been seeing in global markets, to date. My last article summarizes this weakness in a nutshell.
I’ve shown the Rate-of-Change (ROC) and Average True Range (ATR) indicators in histogram format with an input value of one period. I’d watch for a series of larger spikes on each to signal, either serious and sustained buying, or a plunge to further lows (as another gauge to track global market strength/weakness). Otherwise, continued smaller spikes would accompany more range-bound, tepid trading in Copper, as well as global markets, in general.
(more…)Future Shock
There are three things that are having amazing bull markets: gold, bonds, and Slope Premium Subscriptions. Silver, Gold, and Diamond members get access to continuous futures contracts from all over the world in SlopeCharts, and I wanted to share a few below. I’ve captioned each.
You’ll Never Catch Me, Copper!
Much has been made recently about copper’s decline in value. The fabled “Doc Copper” is supposed to be a harbinger of economic direction. I’m not so sure, but I will say that the continuous contract of the metal is fascinating, particularly because it’s one of the very few instances in which a Fibonacci fanline seems to be instructive about key levels of support and resistance.
