Elsewhere looked for gold to move lower while crude oil consolidated with an upward bias. The US dollar index was biased to the upside in consolidation, while US Treasuries looked to mark time sideways. The Shanghai Composite looked to continue consolidation around 3400 with an upward bias, while Emerging Markets were biased to the downside.
Volatility looked to remain subdued, keeping the bias higher for the equity index ETFs N:SPY, N:IWM and O:QQQ. Their charts were mixed though. The QQQ remained the strongest and within a day's move to new all-time highs, while the SPY seemed extended and might need to consolidate or pullback first. The IWM continued to lag and is mired in consolidation.
The week played out with gold continuing the trend lower until it plummeted Friday, while crude oil did push higher but failed quickly, ending the week lower. The US dollar started moving higher before a rocket launch to end the week, while Treasuries fell out of consolidation and moved lower. The Shanghai Composite muddled along sideways until breaking the range to the upside late in the week, while Emerging Markets met some resistance and pulled back.
Volatility moved in a tight range all week, staying below its moving averages. The Equity Index ETFs started the week higher, with the SPY and the QQQ then consolidating and pulling back slightly, while the IWM took over the lead moving higher again Friday.
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