Copper/gold ratio just flipped bullish on the daily. Clean resistance-to-support move. This is a classic risk-on signal—copper outperforming gold typically means growth expectations are improving and industrial demand is picking up. Watch for follow-through here. If it holds, could be an early tell that cyclicals and reflation trades are back in play. Pair this with $SPY momentum and you've got a decent setup for materials, industrials, and China-exposed names.