A Big Picture signal could be coming from products most of use on a daily basis.
The 4-pack below looks at crude oil, coffee, copper and cattle.
Crude oil broke below a support line that had been in place for the past 7-years. Of late it kissed the underside of this new resistance line and has been soft since.
Coffee’s weakness over the past 9-months has it testing a support line dating back to the lows in 2001.
Copper is attempting to break a 10-year support line.
Cattle is on a support line dating back to the lows in 2009.
Support is support until broken! If support would give way for each of these, the price message from billions of free thinking people could be an important macro message and it could be sending a macro message to the stock markets.
Stay tuned to see if these important commodities can hold at support!