Core Viewpoint - Freeport-McMoRan Inc. (NYSE:FCX) shares are experiencing a decline as they encounter resistance around the $53 level, which has historically been a peak price point for the stock [1]. Group 1: Stock Performance and Resistance Levels - The stock reached a top around $53 in March 2022, and after a sell-off, it returned to this level in May 2024, only to reverse again [1]. - Investor psychology plays a significant role in creating resistance at former peak prices, as many investors who bought near the top may hold onto their positions until they can sell at breakeven [2]. - The concept of "markets have memories" suggests that important price levels can retain their significance over extended periods, as seen with Freeport's resistance at the $53 level after more than two years [4]. Group 2: Market Dynamics and Selling Pressure - Stocks often reverse after hitting resistance due to anxious sellers undercutting each other's prices, leading to a potential snowball effect that drives prices lower [5]. - This pattern of price reversal has occurred the last two times Freeport reached the current resistance level, indicating a likelihood of a similar outcome this time [5].

Market Overview - The market has shown a loss of momentum since mid-October, leading to increased volatility and a different character compared to earlier stages following the April low [2] - Despite the current volatility, the uptrend remains intact, and confirmation of new highs is essential for a breakout to be considered valid [4][5] Technical Analysis - A breakout for the S&P would require solid closes above the final resistance level of 6911, which would act as a short-term positive catalyst [3] - Current projections suggest that if a breakout occurs, the market could reach around 7100, but the risk-reward ratio is not favorable, with support approximately 3% below [6][7] Bond Market Insights - There are expectations for a potential decline in yields, possibly below 4%, due to a weak labor market, although recent GDP data has added basis points to yields [8][9] - The 10-year Treasury yields have been rangebound, and a neutral bias is assumed until a decisive move occurs [10][11] Cryptocurrency Analysis - Bitcoin shows a more constructive near-term bias due to oversold conditions, but monthly charts indicate deterioration in momentum, suggesting a potential trading range or down cycle [12][13] - Institutional involvement has not yet led to reduced volatility in Bitcoin, and significant drawdowns remain possible, although not imminent [15][16]