Copper is still at low levels, and is currently trading in slightly downward moving channel. Prices are still below the 200 day EMA, and the MACD is simply moving sideways.
The euro is in a downward sloping channel. Also note the massive move from the security in the form of a declining A/D line and CMF. The EMAs are bearishly aligned with all moving lower. For the last five days, we've seen prices print very small bars as they consolidated after the move through early October's low.
In contrast to the euro is the dollar, which has clearly benefited from the euro's sell-off. Prices have moved through resistance and are now selling off in small candles as traders consolidate positions. Unlike the euro, note the volume inflow into the dollar.
The grains complex (wheat, corn and soy beans) appear to have bounced off a bottom and are looking to hit resistance at the 20 day EMA. However, the EMA picture is still bearish and the MACD is still in negative territory. If this is a rebound in anticipation of a strong 2012, expect the next resistance level to be the 20 day EMA followed by the 38.2% Fib level.
The SPYs are still consolidating, and most likely won't break out in either direction until the new year.
