Copper could tell us what emerging market stocks are about to do- continued
Based on the weight-of-the-evidence, this level around 3 is the one we're watching. If Copper is unable to hold this level, it would likely mean that Emerging Market stocks have completed this 2-year rally and it is now time to underperform again.
I'm not convinced that this is a bearish picture, yet. I think the recent relative strength in Emerging Market stocks is suggesting that both of these are heading higher: Copper and EM stocks. If Copper is below 3, it definitely invalidates any bullish thesis for either of these, so I think it's important to watch this level as we enter the Second Quarter.