Where's the Beef (headed), could have something to do with the direction of the S&P500? Get out of here!!!
The Last time the S&P 500 declined 15% plus (fall of 2011), Cattle were breaking down from a bearish rising wedge at (3) in the above chart, before the market headed south.
The above chart was produced on 6/13/2011 (a couple of months ahead of the 15% decline) See original post (here)
Below is an updated chart on Cattle prices and patterns.
Cattle may have formed a "Head & Shoulders" topping pattern of considerable size over the past couple of years. If the pattern read is correct, it is suggesting Cattle prices will decline.
As noted in both charts above, some time's Cattle leads the S&P 500 and some time's they move together.
Yes lower beef prices might be good at the grocery store, yet it could have an impact on the broad markets too. Where is the beef headed? Stay tuned!