Last week’s review of the macro market indicators suggested heading into the new week that the equity indexes looked strong and ready to challenge the all-time highs. Elsewhere looked for gold to continue lower while crude oil moved lower in its consolidation. The US Dollar Index was breaking to the upside while US Treasuries continued lower. The Shanghai Composite also looked to continue higher while Emerging Markets consolidated under resistance.
Volatility looked to remain subdued keeping the bias higher for the equity index ETFs N:SPY, N:IWM and O:QQQ. Their individual charts showed some consolidation in the SPY and QQQ short term as the IWM took the lead, but all looked strong on the weekly timeframe.
The week played out with gold moving lower, but at a sharply slower pace, while crude oil continued lower and broke the consolidation range. The US dollar started slightly higher and then flagged while Treasuries found a bottom Monday and then settled. The Shanghai Composite spent the week settling near 3600 while Emerging Markets broke the range to the downside.
Volatility moved slightly higher to start the week but hen accelerated later. The Equity Index ETFs entered the week moving lower in consolidation and kept going. The SPY and QQQ filled the gaps below, while the IWM opened one probing below the 100 day SMA.
Disclaimer: 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.