Chart of the Day - Wednesday, July 1st, 2020

Today’s Chart of the Day was shared on Twitter by Shane Murphy (@murphycharts). The chart shows the S&P 500 (in pink) and Copper futures (in blue), since the March lows. Gold isn't the only metal breaking out this week. Shane points out that Copper futures reached their highest level since mid-January today. In a comment to The Chart Report, Shane explained, "This is a welcomed development for the bulls. Continued demand for an industrial metal like Copper is a positive sign for growth and the global economy. Also, Copper futures are in a positively correlated regime with the S&P 500. If you're bullish on stocks here, you want to see Copper breaking out and leading the way like we're seeing today." On top of all this, July has historically been the best month of the year for Copper over the past 30 years - according to Baird strategist, Willie Delwiche.