Macro Indicator Signals
Market technicians are flagging the Copper/Gold ratio bottoming and a NASDAQ/Gold reversal as early risk‑on signals while M2 money‑supply expansion is being cited as stock supportive. (x.com)
Copper was trading around $0.341 per ounce while spot gold was roughly $4,647 per ounce on March 19, 2026, putting the raw copper/gold ratio at about 0.000073 (copper divided by gold). (copperprice.org) The gold‑to‑copper metric climbed to near 830 in late January 2026 before easing, a multi‑year extreme that independent analysts and commentators cited as the setup for a technical bottom and potential rebound. (finowings.com) The Credit Suisse NASDAQ‑to‑Gold price series on FRED shows a break below its long‑running up‑channel in mid‑March 2026, with the latest public datapoint through March 16, 2026 used by chartists to argue the ratio has reversed direction. (fred.stlouisfed.org) U.S. M2 money stock was reported at $22,505.2 billion for January 2026 in the FRED series (H.6 release data), a monthly level investors and strategists referenced when discussing liquidity’s role in asset pricing. (fred.stlouisfed.org) Market commentary this quarter — including analysis on Investing.com and macro data providers — has linked the January rebound in M2 (roughly $22 trillion) to an increase in available liquidity that historically accompanies higher equity valuations. (investing.com) The Fed’s next H.6/M2 release is scheduled for March 24, 2026, and chart‑focused analysts said they will watch whether copper/gold sustains an uptick and whether the NASDAQ/gold series can reclaim its prior trend channel on weekly charts as confirmation of a rotation back toward cyclicals. (fred.stlouisfed.org)
