Freeport-McMoran Copper & Gold Inc. (symbol FCX) engages in the exploration, mining, and production of mineral resources. The company primarily explores for copper, gold, molybdenum, silver, and cobalt. Obviously, copper is an economically sensitive commodity. Weakness in FCX, all things being equal, is a negative for the markets and economy.

Similar to the technical weakness in Germany we showed on February 14, Freeport-McMoRan's weekly chart is rolling over in a similar manner to July 2011. The comments below only hold water if the negative setups hold through the end of the week. We all know weakness can turn into strength rapidly in a headline-driven environment.

Point C in the chart below highlights the price of FCX. Point B highlights the performance of the S&P 500. Compare points A and A2, which show weakness in the Full Stochastic indicator. Similarly, the MACD Histogram from last summer (point D) looks similar to the present day (point D2); both have "ticked down", which can foreshadow a change in trend. The same can be said for the slowing momentum illustrated with Williams % R (points E and E2).

Freeport-McMoRan is also battling to stay above its downward-sloping 200-day moving average. The last time FCX failed to hold the 200-day it experienced weakness for two months, along with a general aversion to risk assets. The 200-day sits at 42.32.