Monday, March 4, 2013

"Dr Copper is Unwell"

Every Monday Slope of Hope has a chart roundup that is sometimes just a rehash of the obvious but more often has some real insight.
From Slope of Hope:
The overnight decline on ES didn't follow through on Friday and I'm in two minds about further downside this week, though there is a decent setup for considerable further downside on a conviction break below 1485. ES is forming a triangle at the moment and we'll see which way that breaks....

...I've been posting the symmetrical triangle on copper futures for many months now and this is finally breaking down. Main trendline support is not far below at 332 but obviously copper is still not joining the current QE party as yet:
...MORE