![\"Copper](\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-07-01-copper.png?resize=525%2C375&ssl=1\")
<\/p>\nCopper broke primary support at $9,000 per metric ton, signaling a bear market. Known as “Dr Copper” because of its prescient ability to predict the direction of the global economy, copper’s sharp fall warns of a global recession dead ahead.<\/p>\n
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The Dow Jones Industrial Metals Index broke support at 175, confirming the above bear signal. A Trend Index peak at zero warns of strong selling pressure across base metals.<\/p>\n
![\"DJ](\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-07-01-bim.png?resize=525%2C375&ssl=1\")
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Iron ore retreated below $125 per metric ton, warning of another test of $90. Further sign of a slowing global economy.<\/p>\n
![\"Iron](\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-07-01-tr.png?resize=525%2C375&ssl=1\")
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The Australian Dollar is another strong indicator of the commodity cycle. After breaking primary support at 70 US cents, follow-through below support at 68.5 confirms a bear market. A Trend Index peak at zero warns of selling pressure.<\/p>\n
![\"Australian](\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-07-01-aud.png?resize=525%2C375&ssl=1\")
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Brent crude remains high, however, propped up by shortages due to sanctions on Russian oil. Penetration of the secondary trendline (lime green) is likely, as signs of a slowing economy accumulate. Breach of support at $100 per barrel is less likely, but would confirm a global recession.<\/p>\n
![\"Brent](\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-07-01-brent.png?resize=525%2C375&ssl=1\")
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Long-term interest rates are falling, with the 10-year Treasury yield reversing below 3.0%, as signs of a US contraction accumulate.<\/p>\n
![\"10-Year](\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-07-01-10y.png?resize=525%2C347&ssl=1\")
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ISM new orders fell to their lowest level since May 2020, in the midst of the pandemic.<\/p>\n
![\"ISM](\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-07-01-ism.png?resize=525%2C339&ssl=1\")
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The Atlanta Fed’s GDPNow forecast for Q2 dropped sharply, to an annualized real GDP growth rate of -2.08%.<\/p>\n
![\"Atlanta](\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-07-01-gdpnow.png?resize=525%2C375&ssl=1\")
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We would assign probability of a global recession this year as high as 70%.<\/p>\n","protected":false},"excerpt":{"rendered":"
Copper broke primary support at $9,000 per metric ton, signaling a bear market. Known as “Dr Copper” because of its prescient ability to predict the direction of the global economy, copper’s sharp fall warns of a global recession dead ahead. The Dow Jones Industrial Metals Index broke support at 175, confirming the above bear signal. … <\/p>\n