Yesterday, copper popped higher on very high volume. While it printed a small bar, which I really don't like, the upward gap is impressive. Plus, the gap has come at a technically important time.
The dollar is right at important technical levels -- highs from early October. The EMAs are still strong, but the A/D and CMF are weakening, which is concerning.
The dollar has been moving sideways for the last six days, using the late and mid-December high points as technical support. We need to see the dollar move through the 23 price level.
The treasury market is consolidating and not selling off -- at least not yet.
The above two charts of the IWMs and SPYs illustrate my continued concerns with the equity markets. The IWMs stayed in a tight range for about a week and a half before drifting higher over the last three sessions. The SPYs have traded in two tight ranges for the last week and a half, but there hasn't been a lot of strong intra-day action.
The QQQs are the best looking average, with a clear uptrend, but also have the same issue -- trading in ranges, popping a bit, and then trading sideways. The fact that only one average has a good chart is also concerning.
