This morning before the market opened, technical analyst Chris Kimble sent an email discussing Freeport McMoran (FCX). But somehow the chart went missing. Later in the day Chris resent the chart, even though by then, FCX was down 4%. So, the chart below is a pre-market snapshot looking for possible green shoots — that clearly got stepped on. Maybe "stomped" is a better word.

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Chris explains: The large copper producer Freeport McMoran has been a decent leading indicator for stocks and often times the economy.

It bottomed in late 2008 before the huge stock rally and now it looks to have peaked ahead of the stock market, suggesting softness before it happened.

Now a big test is at hand in FCX, after a 20%+ decline. A series of lower highs and a new falling channel looks to be in place with FCX currently testing the top of a falling channel.

Which will it be: Another failed attempt to break resistance and continued lower price? Or will we see green shoots of growth for this copper producer on an upside breakout?

Postscript from Chris after the market close:

I would say that falling resistance looks to have held again, as FCX fell 4% today. For green shoots to become a reality, FCX needs to break the pattern of lower highs.