US equities open with some micro chop.. but are seeing some distinct downside action. The hourly equity cycle is offering increasing weakness across the day, but things only get bearish on a break of the sp'2043 low. VIX remains broadly subdued, +2% in the low 15s.
Frankly, its a bit of a mess out there.
There is clearly still threat of renewed upside to 2085/90.
Yet.. we've an hourly equity MACD cycle that is set for a bearish cross within 1-2 hours. If that occurs.. we'll close in the 2045/35 zone.
Keep in mind last week's closing weekly candle was red.. with a clear spike.. suggestive that this week will see lower levels (<2039).
notable strength, FCX, daily
Pushing against the main market.. higher for a second day... but the April high of $14.06 should comfortably hold. There is little reason why FCX won't see renewed weakness into the summer. I'd refer anyone to the monthly chart for Copper.