Last week’s review of the macro market indicators suggested, heading into the March Options Expiration week that the equity markets were a bit mixed, mostly better looking to the downside. Elsewhere looked for gold to continue lower along with crude oil for the week. The US Dollar Index might consolidate in the uptrend but had a clear bias higher while US Treasuries were biased lower. The Shanghai Composite was trying to break consolidation to resume the uptrend while Emerging Markets were biased to the downside still. Volatility looked to remain subdued but above the low range of the early 2014 keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ, but with the wind easing at their backs. Their charts all were consolidating in the short run with the bias to the upside for the IWM while to the downside for the SPY and QQQ. The long term uptrend remained in tact for each though.
The week played out with gold probing lower before finding support and rebounding to end the week up while crude oil also started lower but rebounded late in the week. The US dollar moved over 100 and then pulled back while Treasuries moved to the upside through resistance. The Shanghai Composite continued higher to 7 year highs while Emerging Markets bounced modestly. Volatility settled and moved to a 3 month low. The Equity Index ETF’s responded by moving higher, with the IWM reaching a new all-time high. 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.