Last week’s review of the macro market indicators saw, heading into next week, that the markets looked strong but perhaps a bit extended. Gold and crude oil looked ready to continue their moves higher with a possibility that gold consolidates first. The US Dollar Index and US Treasurys were poised to continue lower, with Treasurys having the best chance for a bounce.
The Shanghai Composite seemed bound by the 50 day SMA while Emerging Markets were biased to the upside but at major resistance. Volatility looked to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. With the moves higher, each could be forgiven if they consolidated or had a slight pullback first and their charts did have some signs of being extended on the short run.
The week played out with gold holding at its highs while crude oil pulled back hard but stabilized later in the week. The US Dollar Index is trying to bottom while Treasurys rebounded slightly. The Shanghai Composite continued back down making a new lower low while Emerging Markets gave up some of their gains before moving back higher to end the week off the lows.
Volatility continued to hold at the lows remaining subdued. The Equity Index ETF’s consolidated their gains in bull flags, each trying to move higher Friday but failing to break.
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Macro Week In Review/Preview: September 21, 2012
Published 09/23/2012, 03:20 AM
Updated 05/14/2017, 06:45 AM
Macro Week In Review/Preview: September 21, 2012
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