Continued relief or more pain to come? That is the diagnosis for which Doctor Copper will write his next prescription. Here we have the Cu futures taking out 2.50 and boinking the next anticipated level, the SMA 200 at 2.55. The trend in said SMA 200 is down as is the trend in the SMA 50.
Now please understand I am not one of the multitude of market bears pissed about the big macro expression of relief, greed and FOMO. I (and NFTRH) anticipated it and I have done very well for having done so.
So when I tell you that Copper hasn’t proven at thing yet it’s not a perma-bear making the statement (I am short nothing). It’s just the truth of the technicals. Trends could change but right now Copper looks like it is part of the big market expression sucking in the FOMOs who should have been buying 2-3 months ago.