Daily Archives: September 7, 2017

Copper, Oil, Gold and US Stocks: Big Picture Status

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Sometimes I like to trot these lumbering monthlies out so we can quiet everything down and see where various markets are slowly heading.

First of all, as I go down with my ‘strengthening US dollar’ ship*, I also mal-projected copper’s upside. I’d felt that $3/lb. would cap Doctor Copper because it is very clear lateral resistance at a handy 38% Fib retrace.**

copper (more…)

If, Then

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A couple of years ago a long-term reader described me as an ‘if, then’ analyst, and that was a decent description. The short term setup here is very much an ‘if, then’ setup. If short term support holds, then the rally should resume into the flag target at the retest of the all time high.

So where is that support? On the hourly chart that is at the 50 hour MA, currently at 2461 and with the 200 hour MA just below. That’s been tested in the last day or so with more enthusiasm than I would prefer, but that’s holding so far. SPX 60min chart:

170907 SPX 60min (more…)