Watch These Assets For Clues To Market's Next Move
Chris Kimble | Mar 03, 2020 01:29PM ET
Will the economy experience a “Demand Shock” as consumers stay at home buying fewer and fewer items?
Will the economy experience a “Supply Shock” while workers stay home creating fewer and fewer products?
Will a combo of both take place or neither of these shocks unfold? I don’t know the answers to these questions, which are above my pay grade.
I am of the opinion that very important clues will be sent by the price action from current levels of crude oil, copper, interest rates and the S&P 500 on a monthly basis.
The chart above shows that oil, copper and the S&P 500 have not broken below critical support levels at this time.
If Doc Copper breaks below the $2.40 level and crude breaks below the $41 level, the odds increase that the S&P 500 could break below monthly rising support.
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