Microcap Equities and Copper

Russell Microcap - The IWCs have been trended lower and as expected are testing support around the $84.50 level.  This level is important support because it was the peak and an all-time high in June of 2015.  Keep an eye on this level because if it breaks there could be a meaningful move lower.

IWC s.jpg

Copper has been acting just as expected.  It ran into resistance right around $270 in November.  Once again it ran into resistance there over the past few days.  I am watching this closely because this seems like normal consolidation after coming off of multi-year lows.  If the $270 level breaks there doesn't seem to be clear resistance until it approaches the $300 level.

A way to play this with ETFs is to use COPX...the Global X Copper Miners ETF,  It seeks to provide investment results that correspond generally to the price and yield of the Solactive Global Copper Miner Index.