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Mike Paulenoff

Promising Technical Setups in Copper and FCX

Copper and FCX (Freeport-McMoRan)-- While we are on the subject of the metals (see GLD analysis in my previous post), Copper futures prices have been on a tear during the first 5 weeks of 2025. To be more precise, nearby Copper is up 16% so far this year (see my attached Daily Chart), and has inflicted serious technical damage to the heretofore dominant downtrend from the May 2024 high at 5.32.

MM Weekly Outlook: Crisis Mode In Progress

People have been asking, "Where is this global crisis mode?"  It's in progress, as stated. The sentiment pattern that usually points to systemic crisis or disaster is one that reflects unexpected change on a large scale and the response to that.  Most often the market is very unhappy with large unexpected changes such as this.  The sweeping changes that the Trump administration is imposing fits this description.  The markets are mostly ignoring it, at least so far, but that pattern is playing out nevertheless.  Also, there are often many miscellaneous turbulent and disruptive events that accompany this pattern.

Market In A Holding Pattern

Today we saw the market open flat and stay flat most of the day so there really is not too much I can add to the previous analysis. I will note that the high consolidation today is supportive of seeing the market continue to push higher filling out the purple count before seeing any significant drop. So as long as we remain over support the near-term pressure will remain up.

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