Week Played Out With Gold, Crude Oil Lower

www.investing.com/analysis/macro-week-in-review-preview-july-24,-2015-259432

By Dragonfly Capital (Gregory W. Harmon) | Jul 26, 2015 01:11AM ET

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SPY

-1.25%

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QQQ

-1.81%

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-0.06%

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Gold

-0.23%

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0.00%

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IWM

-0.81%

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SSEC

-0.19%

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Last week’s review of the macro market indicators suggested, heading into the week that the thermometer was getting hotter and so were the equity markets with the NASDAQ:QQQ leading the charge. Elsewhere looked for gold to continue lower along with crude oil. The US Dollar Index was breaking out higher and US Treasuries might be ready to reverse higher as well. The Shanghai Composite and Emerging Markets were both reversing higher and the week might determine if it is a Dead Cat Bounce or the real deal. Volatility looked to remain subdued and with a bias lower building a tailwind behind the equity index ETF’s ARCA:SPY, ARCA:IWM and NASDAQ:QQQ. The QQQ looked very strong as it approached the all-time highs of 2000 while the SPY was also strong and on the edge of a break out. The IWM looked the weakest as it moved sideways in a new consolidation.

The week played out with gold continuing lower looking like a solid breakdown while crude oil trended lower all week as well. The US dollar moved slightly higher before retesting the breakout while Treasuries did reverse higher printing a higher high. The Shanghai Composite pushed higher, breaking above consolidation, the real deal, while Emerging Markets reversed lower, the Dead Cat Bounce. Volatility made a new low for the year before rebounding slightly into the teens. The Equity Index ETF’s started the week mixed but ended worse, with the SPY and QQQ making new higher highs and the QQQ a new 15 year high, before pulling the rest of the week. The IWM was similar but without the Monday good news. What does this mean for the coming week? Lets look at some charts.

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.

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Week Played Out With Gold, Crude Oil Lower

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