After today's rally, I looked at the Copper to Gold ratio to see if it was in fact confirming this rally. It looks like at the moment the ratio is not confirming this rally. The ratio has been making lower highs and lower lows while the SPX has been making higher highs. Obviously it has to do with the strong performance of Gold lately, and the ratio might catch up with the market later, but it also could be providing some warning signs.
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