Last week’s review of the macro market indicators saw, as the 4th Quarter began there were more signs of short-term weakness in the Equity markets. Gold looked strong though and ready to move higher while crude oil had an upward bias but needs to confirm it. The US Dollar Index was poised to continue the bounce in the downtrend while US Treasurys were biased higher, but consolidating.
The Shanghai Composite was set up to continue its bounce in the downtrend with Emerging Markets looking to continue lower off of resistance. Volatility looked to remain subdued though making the picture for the equity index ETF’s SPY, IWM and QQQ, mixed. Low Volatility gives them a tailwind, but rising US dollar and Treasurys give Equities a downside bias. The charts of the SPY, IWM and QQQ broke the tie by supporting a short-term pullback within their uptrends.
Volatility set the tone moving lower all week. Elsewhere Gold tested a break of the flag higher while crude oil gave a scare lower before a quick bounce back higher, giving no positive confirmation. The US dollar started to leak out of consolidation lower while Treasurys found a ceiling at the 50 day Simple Moving Average (SMA) and headed back lower.
The Shanghai Composite was closed for Golden week while Emerging Markets drifted higher. The Equity Index ETF’s moved higher with the SPY and QQQ leading the way and IWM only really trying to participate early Friday. What does this mean for the coming week?
Note: The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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Macro Week In Review/Preview: October 5, 2012
Published 10/08/2012, 06:59 AM
Updated 05/14/2017, 06:45 AM
Macro Week In Review/Preview: October 5, 2012
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