Copper, weekly, 2yr
Copper, monthly
USO, weekly, 2yr
USO, daily3
Summary
I'm not sure what to make of the current action. I suppose both should be treated as independent things, but if the economy is slowing/weak, you'd have to expect to see at least some equivalent weakness in the Oil market.
WTIC Oil is back in the $96s, and across the next few days we're going to see the market start to wonder if the big $100 is possible in the next week or two. I just don't think that's viable though.
As for Copper, it does indeed look really weak. Underlying MACD (blue bar histogram) on the weekly cycle is still ticking lower, and there is a clear breach of key support - on what was a giant triangle. No sign of a turn/levelling phase for Copper.
Looking ahead
There isn't too much data tomorrow, aside from the usual EIA oil report, and some home data. Thursday will be far more important, with GDP/PMI data.
I have to believe the bulls are going to hold the market together into the long 3 day weekend. A test of the sp'1576 high looks viable as early as tomorrow, but maybe they'll take until early next week to do it.
Regardless, I won't be shorting any indexes - or picking up VIX call blocks, until next week at least.
Goodnight from London