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Nasdaq extends, so do Canada, Taiwan and Copper – sell it again

Copper made a daily-scale top extension yesterday and is trading a little higher as I write. This brings prices back up underneath some old weekly-scale compressions where we expect to find resistance. This is an opportunity to sell Copper short again, this time on strength. Sell short here:

Copper daily and weekly

Some stock indices have also made top extensions. Taiwan already made a weekly-scale top, as reported in the 24th June edition and it has now made a daily-scale version too (not shown). Various Nasdaq indices have also made top extensions at a daily scale (the composite is shown here) and so has Canada:

Nasdaq & canada top ext

This means that stocks are still mixed. US indices are rising from the weekly-scale compressions reported in several recent editions but the rally is getting stretched a bit now, as evidenced by these extensions. We cannot recommend fresh short-sales here because of this conflict but some kind of dip or pause is likely from hereabouts. We watch carefully.