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The stronger-than-expected September Payrolls data elicited a positive reaction from the Equity Indices. On top of the NVDA-induced ES vertical spike from 6680 to 6740, the index spiked to a high of 6772.75 so far, a full 2.7% above Tuesday's 5.2% corrective low from the ATH...
Freeport-McMoRan is inherently a highly cyclical beast — it’s simply the nature of this market sector. And right now, we have what appears to be a slight conundrum. That doesn’t leave us in the lurch. We have tools that provide the dynamic utility needed to navigate this environment and help guide our decision-making process. Let’s first see the terrain via Lyn Alden’s most recent commentary. Then we’ll explore what human behavioral patterns are telling us through the structure of price on the chart.“FCX has a neutral-to-bullish fundamental setup.
With the SPX pushing higher today, we have reached the .764 retracement of what I am counting as an a-wave decline within wave 3 of an ending diagonal. We are also just below a downtrend line, as you can see on the 5-minute chart.As I outlined the positive divergence on the 60-minute MACD as we were hitting the support box, we are now approaching the resistance box again. If this is indeed a b-wave rally, then we should simply strike that box, and turn down.
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