Shared the chart below yesterday near the market highs, reflecting a bearish situation for IYM, as it was hitting a key resistance hurdle! (see hurdle post here)
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Wanted to follow up today with a closer look at IYM and Freeport McMoran (FCX) the leading copper producer in the world. See weak looking patterns below.
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Both of these market leaders are up against key resistance lines and have created bearish looking patterns of late. If IYM and FCX start heading south, they could well be sending a “basically weak” message to the broad market and the economy too!
This pattern yesterday suggested SMN should act well and so far it is!!!
