Freeport McMoran (FCX) remains inside of a multi-year falling channel. After hitting falling resistance of last FCX is breaking support at (1) above.

This usually isn’t a good sign for the Doc Copper of copper mining stocks as 77% of investors are bullish the stock at this time. FCX is the 4th largest holding of IYM.

A decline in FCX, would increase the odds that the CRB breaks support and could well impact the Shanghai index! Ssee bearish descending triangles in the CRB & Shanghai index (here) 

Watch how old Doc Copper does in the weeks ahead! 

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