It is not just copper headed south lately. Check out these other charts.
Steel
Lead
Nickel
Aluminum
Tin
All these industrial metals bottomed mid year in 2012. There was a slight upturn in the global economy and world stock markets rallied on that. Every single one of these charts has seen some serious down side over the last few weeks. I don't see how anybody can make the argument today that the global economy is getting stronger. I thought this was interesting about CAT (Source).
Global retail sales for Caterpillar declined 13% on a 3-month rolling basis, partially from
shrinking inventories, but also due to a dramatic slowdown in Asian and
North American purchases.
Trend table status
Trend | SP-500 | R2000 | COMPX |
Primary | Up 7/31/20 | ?- 3/31/20 | Up 5/29/20 |
Intermediate | Up 10/2/20 | Up 8/21/20 | Up 10/9/20 |
Sub-Intermediate | ? 1/4/21 | ? 1/4/21 | ?+ 1/4/21 |
Short term | ? 12/11/20 | ? 1/4/21 | Up 11/24/20 |
Don Worden of Worden Brothers (makers of Telechart software) used to keep a trend table before his health issues got in the way. I always found it useful. Mine is slightly different. Hopefully helpful. Up? or Dn? means loss of momentum. ? by itself means trend is neutral. ?+ or ?- means trend is neutral with bias of up(+) or down (-)

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