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Macro Week In Review/Preview October 12, 2012

ByDragonfly Capital
AuthorGregory W. Harmon
Published 10/14/2012, 02:19 AM
Updated 05/14/2017, 06:45 AM
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Last week’s review of the macro market indicators suggested, heading into the week, keep an eye on volatility as a signal for a turn, with the expectation that it will remain subdued. Gold looked to be set up to move lower short-term but remain bullish longer term while Crude Oil looked lower, but may be finding a bottom nearby.

US Treasurys were set up to continue lower while the Dollar Index may continue to consolidate but was also biased lower. The Shanghai Composite started trading again with a bias to continue the bounce within the downtrend from before the holiday while Emerging Markets consolidate at resistance. These all set up for the US Equity Index ETF’s, SPY, IWM and QQQ to continue higher. The charts of the Indexes themselves agreed with the bias but showed signs of consolidation or a short pullback.

The week played out with Gold moving lower and holding above support while Crude Oil continued to show bottoming signs, basically consolidating for the week. The US dollar continued to move between 79 and 80 while Treasurys moved up to the late September resistance. The Shanghai Composite continued higher and is near resistance while Emerging Markets moved in their recent range.

Volatility bounced up off of the lows but remained subdued. The Equity Index ETF’s decided it was time for a pullback as the SPY, IWM and QQQ all moved lower.

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