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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.
The manner in which the market has been trading of late is more indicative of a top having been struck. When we broke this week’s pullback low today, it started to increase the probability that a high of sorts is now in place, and that 7000 is going to be put off for now, if not for many years to come. But, of course, we seek confirmation.
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