Amount of shares short has plunged. This means no automatic bid/floor under stocks for now.
They say every bull market has a copper top. Here we are looking at copper etf JJC. The picture is not looking good for bulls and much work will need to be done to keep JJC and by extension the broader indexes. JJC has already moved out of its symmetric trend by pulling back beyond the 38% retrace of the 2009 low. Heavy downside distribution volume and CCI(30) indicate a confirmed downtrend. JJC has formed a symmetric triangle; odds favor a break out below and taking out the last line of defense at $40. Currently oversold on daily RSI(2) at 4.15.
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