Copper & the Nasdaq

And Copper needs to initially hold $4.07 over the next couple days and more so, $4.02.

A break below $4.02 means it has recently made a lower high and lower low.

Then we can expect to see the following move lower;
the AUDJPY (a weaker AUD), the CRB Index, Oil and U.S. 10 year bond yields.

This will make down-trodden technology stocks attractive.

For now the U.S 10 year bond is 1.55% and I expect a spurt to 1.58% in the next 2 days.

In turn we should see a couple more down-days in equities and a Nasdaq 100 touching 14,325 (another 2.8% lower from today’ close) would satisfy a 50% retracement of the 21% rally which commence May 12, 2021.

but remember to watch Copper….

October 6, 2021
by Rob Zdravevski

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