[Video] Copper Drifts to Key Resistance, Alphabet Eyes New Highs

Copper’s two-day rally has stalled at a key resistance zone, leaving a clear line in the sand for bulls and bears over the near-term.

Charts (4)

 



Yet with traders continuing to increase short exposure to copper whilst net-longs are closed out, the bigger picture suggests lower prices could still materialise (even if prices pop higher over the near-term). So we update our analysis on copper futures, then look at setups on two US listed stocks; Alphabet (GOOGL) and Brighthouse Financial (BHF).


As for yesterday’s video, Target (TGT) closed to a record high and reached our initial target. The daily trend remains bullish above 228 although, depending on how aggressive bulls want to manage their risk, the daily lows could be used to trail stops.

Abbott Laboratories (ABT) produced a bearish inside candle beneath the 112.17 resistance cluster (200-day eMA, 20-day eMA, weekly high). A break below 109.73 assumes momentum has realigned with its bearish trend, a close above 112.17 suggests it may try to close the gap and target 115.


S&P 500: Market Internals


S&P 500: 4246.44 (0.51%), 22 June 2021

  • Consumer Discretionary (1.04%) was the strongest sector and Utilities (-0.67%) was the weakest
  • 9 out of the 11 S&P 500 sectors closed higher
  • 4 out of the 11 sectors outperformed the S&P 500
  • 263 (52.08%) stocks advanced and 238 (47.13%) declined
  • 88.51% of stocks closed above their 200-day average
  • 46.93% of stocks closed above their 50-day average
  • 35.05% of stocks closed above their 20-day average

Outperformers:

  • + 5.02%   -  L Brands Inc  (LB.N) 
  • + 4.21%   -  ETSY Inc  (ETSY.OQ) 
  • + 3.23%   -  Cintas Corp  (CTAS.OQ) 

Underperformers:

  • -3.53%   -  Iron Mountain Inc  (IRM.N) 
  • -2.87%   -  Evergy Inc  (EVRG.N) 
  • -2.19%   -  Kimco Realty Corp  (KIM.N) 

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