SPDR S&P Metals & Mining ETF (XME) - 29th February 2024 | @ 78 Days

'A' class signal detected in SPDR S&P Metals & Mining ETF (XME). Running at an average wavelength of 78 days over 15 iterations since December 2020. Currently peaking.

Instrument Summary

The SPDR S&P Metals & Mining ETF (XME) is an exchange-traded fund that focuses on companies in the metals and mining industry. It provides diversified exposure to this sector. Holdings of XME include Nucor Corporation, Freeport-McMoRan Inc., Cleveland-Cliffs Inc., United States Steel Corporation, and Alcoa Corporation.

ΣL Cycle Summary

This superb signal, sampled from December 2020, is one of three outstanding periodic components in XME below 400 days. Whilst the two others, around 160 and 300 days are both phased as hard down, this wave is likely peaking prior to completing the move to mid April and a large, phase clustered low with the aforementioned longer waves (also shown below). What makes this signal so coherent is the spectral spacing in the frequency domain. This can be seen on the time frequency plot below with a well defined area of bright colour and surrounding regions seeing a sharp drop off in signal strength. That implies this component is dominant in th…