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Macro Week Review And Preview: October 26, 2012

ByDragonfly Capital
AuthorGregory W. Harmon
Published 10/26/2012, 06:22 PM
Updated 05/14/2017, 06:45 AM
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Last week’s review of the macro market indicators suggested, heading into the new options cycle Gold and Crude Oil looked ready to pullback further with the possibility that Crude Oil continued to consolidate. The US Dollar Index was poised to continue to move sideways while US Treasuries were biased lower. The Shanghai Composite was biased to the upside within the long term downtrend while Emerging Markets looked to continue to consolidate. Volatility looked to remain low but was hinting at a move higher now, leaving the intermarket bias for the equity index ETF’s SPY, IWM and QQQ, mixed. Longer term biases lower for the US Dollar and Treasuries supported the upside while potentially rising Volatilty supported more pullback. The Indexes themselves reflected this with the SPY the strongest and still consolidating while the IWM was biased lower and the QQQ the pulling back. All three were biased to the downside in the short run but the IWM and QQQ were at longer term rising trendline support.

The week played out with Gold falling to support while Crude Oil also moved lower but is showing bottoming signs. The US Dollar continued sideways but towards the top of the range while Treasuries moved in a narrow range. The Shanghai Composite finally gave up the bounce and turned lower while Emerging Markets stayed in their range, testing the bottom end. Volatility bounced up off of the lows but remained subdued. The Equity Index ETF’s all fell Monday but consolidated for the rest of the week. What does this mean for the coming week? Lets look at some charts.

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