Note: I’ll be out much of the day (I think). Meanwhile, here’s a look at one of the key asset markets for the reflating macro.
The daily chart of the copper price shows a hold of the SMA 50, a bounce to important resistance at 3, a pullback and thus far a hold of the short-term EMA 20. On this view copper remains bullish until proven otherwise by at least a loss of 2.85 and the SMA 50.
Copper weekly begins to show why resistance at 3 is resistance at 3.
Copper monthly shows that important resistance over the longer-term and also why the black dotted trend line is important. I don’t give as much priority to trend lines as some others do, but if the machines see it and trading jockeys see it and more importantly, act upon it, then it matters. Other than these milestones, copper needs to take out and hold above 3.32 to enter a cyclical bull market.
The good Doctor has not yet written a prescription for the macro markets one way or the other.