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| Figure 1. $SPX:Producer Price Index (or proxy of inflation) Ratio Chart (Courtesy: TradingView.com) |
@NorthstarCharts has shared the above long-term $SPX:$PPIACO ratio chart. It shows how the S&P index is doing against changes in the producer price index (or PPIACO). The interpretation of it is this:
So $SPX can go up but inflation will go up faster—meaning the line will still drop.
Basically, @NorthstarCharts is still bullish on metals moving up on this asset rotation.
$SPX:$$PPI
The below charts were drawn using stockcharts.com:
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| Figure 2. $SPX:$$PPI (Producer Price Index; Courtesy: stockcharts.com) on 10/08/2022 |
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