Weekly Pivots:
| Dow | S&P500 | NASDAQ | DJTRA | R2K | FTSE | DAX | |
| Previous | 13,091 | 1,407 | 3,067 | 5,007 | 812 | 5,711 | 6,971 |
| Open | 13,092 | 1,407 | 3,063 | 5,007 | 813 | 5,711 | 6,947 |
| High | 13,320 | 1,438 | 3,140 | 5,074 | 844 | 5,808 | 7,249 |
| Low | 12,977 | 1,397 | 3,040 | 4,939 | 807 | 5,635 | 6,893 |
| Close | 13,307 | 1,438 | 3,136 | 5,072 | 842 | 5,795 | 7,215 |
| Change % | 1.6% | 2.2% | 2.3% | 1.3% | 3.7% | 1.5% | 3.5% |
| Change | 215.8 | 31.3 | 69.5 | 64.7 | 30.2 | 83.3 | 243.7 |
| Close (vs. MidPoint) | Hi | Hi | Hi | Hi | Hi | Hi | Hi |
| TR % | 2.6% | 2.9% | 3.2% | 2.7% | 4.5% | 3.0% | 5.1% |
| Resistance 2 | 13,545 | 1,465 | 3,205 | 5,164 | 868 | 5,918 | 7,474 |
| Resistance 1 | 13,426 | 1,452 | 3,171 | 5,118 | 855 | 5,857 | 7,344 |
| Pivot | 13,201 | 1,424 | 3,105 | 5,028 | 831 | 5,746 | 7,119 |
| Support 1 | 13,082 | 1,410 | 3,071 | 4,983 | 818 | 5,684 | 6,989 |
| Support 2 | 12,739 | 1,369 | 2,972 | 4,847 | 782 | 5,511 | 6,633 |
Key Charts:
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Copper has had few good weeks. On weekly time frame, it broke above a symmetrical triangle. Now it is entering a congestion zone that it created in the first quarter of the year – with a high near 400. Higher bound of this congestion concides with the lower limit of a support area formed in the third quarter of 2011, making this trading zone to be of significance. The next resistance above this is near 450 level. |
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Last week, on daily time frame, copper traded above the 200-day moving average. It also broke above a smaller symmetrical triangle, with a measured move target near 380. |
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Copper’s move is getting confirmation from other assets too. Reuters/Jefferies CRB Index is breaking above downtrend line. Late last month, it reclaimed the territory above the 200-day moving average. It is retraced the 38.2% Fibonacci level of the declone from the 2011 high. |
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The boost to copper and CRB Indec is Dollar index is continuing it fall from the 2012 high. In August, it broke below a horizontale (or double top) channel and is nearing the measured move target near 78.75. |