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Macro Week In Review/Preview

ByDragonfly Capital
AuthorGregory W. Harmon
Published 09/16/2012, 03:34 AM
Updated 05/14/2017, 06:45 AM

Last week’s review of the macro market indicators saw, with the full workforce returning from vacation, the markets were looking very bullish. Gold looked to continue its uptrend while Crude Oil might consolidate with in the current uptrend. The US Dollar Index was wounded and heading lower and US Treasuries looked to follow it lower as well.

The Shanghai Composite was ready for a continued bounce in the downtrend and Emerging Markets were looking higher in the broad range. Volatility looked to remain very low making for an environment for the equity index ETF’s SPY, IWM and QQQ, to continue higher. And all three charts on both the daily and weekly timeframes were set up to comply.

The week played out with Gold consolidating before ripping higher following the Fed announcement while Crude Oil drifted up before it popped as well. The US Dollar continued lower while Treasuries lost support and joined them. The Shanghai Composite continued to consolidate its gains while Emerging Markets are off to the races.

Volatility tried to move higher but gave it up making a new lower low at the end of the week. The Equity Index ETF’s played a waiting game for the Fed and then launched higher as well making new multi-year closing highs. What does this mean for the coming week? Lets look at some charts.

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