Earlier, I posted about the S&P500 defying gravity.
Another indication to support that view is here... COPPER.
It is well known for copper futures to lead/follow (takes turns) the equity markets. The reasons behind this phenomena is very fundamental, copper is used in production of many things, and in an economic upcycle, copper is one of the first metals required, in many forms from wires, to electronic parts.
So, superimposed is the SPX on /HG copper futures. You can see the love/hate correlation. It is just astounding.
Copper technicals are similar to that of 9 April 2020, as it bounces off the Gann fan support, breaks out over the trend line resistance... it appears bullish, even suggesting that it is looking for the last high.
So what might this mean for the S&P500?
Another indication to support that view is here... COPPER.
It is well known for copper futures to lead/follow (takes turns) the equity markets. The reasons behind this phenomena is very fundamental, copper is used in production of many things, and in an economic upcycle, copper is one of the first metals required, in many forms from wires, to electronic parts.
So, superimposed is the SPX on /HG copper futures. You can see the love/hate correlation. It is just astounding.
Copper technicals are similar to that of 9 April 2020, as it bounces off the Gann fan support, breaks out over the trend line resistance... it appears bullish, even suggesting that it is looking for the last high.
So what might this mean for the S&P500?
