Basic Materials (IYM), Copper (JJC) and Freeport McMoran (FCX) have declined over twice as much as the 500 index, since the July highs. Watching what the weakest sectors do during declines can give you great clues to the bigger picture.


The majority are most likely aware that the 500 index is back at the top of its trading range, with last nights closing the highest since the 8/9 lows. 

The above 3-pack focuses on the hard hit basic materials/copper sector.  At this time this macro sensitive area is dealing with strong falling resistance.

The “Power of the Pattern” would suggest to follow a breakout in IYM/FCX/JCC should it happen….yet at this time, resistance remains in place!!!

How The Recent Decline In Stocks Looks "Eerily" Like Major Bear Markets Of The Past