S&P 500 – Key Support Held

 

Needed the S&P to hold 2226.50 to keep the up trend alive. The election night low, 2228.50. For the moment the trend is still up. But we will be watching intently to see what happens when the S&P reaches the upper limits of the broadening top pattern.

Copper – Bear Trap Brewing ???

 

Is  a major bear trap brewing in Copper? Have a text book zig-zag pattern off the 2.3235 high. If this count is correct Copper has the potential to better the 2.3235 high in the coming days. To set the stage for such a rally bulls will need to carve out a bottom in front of the 1.9355 low. Bears on the other hand need to take out 1.9355 to void this pattern and revive the prevailing down trend.thumbnail of 160610 Copper chart blog

S&P 500 – Beware The Bear Trap

 

Have a text book ABC pattern down from the 2134.00 high along with a text book five wave decline off the 2110.25 high. The perfect set up for a bear trap. All that is needed to complete this pattern is a marginally lower low. Bears are on notice.