The weekly TIP chart is still in an uptrend although the volumes are dropping fast. This is not the summer slow markets anymore so it should be significant. The daily chart have stalled in a pennent which should be resolved this coming week. Both the weekly and daily indicators are bearishly divergent.
The weekly JNK charts is indicating a bullish rally that may be about to reverse for a short period. The indicators are weakly bullish. The daily chart has had a retracement and it is near a possible end to a short term rally, with a likely reversal in the coming week.
DBB / /HG
The weekly copper chart looks bullish but cautious as the candlestick patterns do not look good for a favourable week ahead. The short term bias is bearish but the longer term indicators still indicate bullishness. The daily chart has a bearish divergence that is equilibrating and is currently well underway.
According to the above leading indicators, we are in for a bearish week in the market as all indicators are bearish or beginning to be so.
*Am very tired as I did a lot of homework for something over this long weekend. Part II will follow soonest.
Note: Any material posted here is of my sole opinion, and my opinion may differ from others. It is definitely NOT a solicitation to do anything else as a consequence of reading this material. The material presented here is intended for educational purposes only.