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Palladium an Indicator for S&P500?

Palladium is used in chemical processes and in catalytic converters for gas and diesel road vehicles. So it would stand to reason that when Palladium price moves, and being such a thin PM market, it would indicate the direction, rather well too, of the risk assets of the companies that consume the metal.
Beyond Technical AnalysisFundamental AnalysisPALLSPDR S&P 500 ETF (SPY) Trend Analysis

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