In line with a near-term bullish theme come the cyclical vs. counter-cyclical metal indicators. The most important, due to its multiple cyclical metals is the Industrial Metals (IM) vs. counter-cyclical Gold. Here we have a strong move in support of the relief rally.
The weekly has popped above the upper moving average. It is still obviously only in-week, but as it stands now the signaling is in line with short-term market (and sentiment) recovery.
Palladium/Gold is also bouncing hard to the 200 day moving average.
With the weekly bouncing to the upper moving average after not having crossed the averages down into a solid bear signal.
Just some internal market views that are in line with the near-term recovery scenario. IM/Gold especially bears watching as it has already reclaimed key daily and weekly moving averages. It’s only an in-week snapshot, but this is the picture right now.