Last week’s review of the macro market indicators suggested, moving into the last week of January that the markets were still strong but getting a little cautious. Gold and Crude Oil were consolidating with Gold better lower while Crude Oil was better higher. The US Dollar Index showed no signs of changing its sideways movement while US Treasuries were biased lower. The Shanghai Composite and Emerging Markets were consolidating in their uptrends with the Shanghai Composite the best bet for a pullback in the near term. Volatility looked to remain at unusually low levels keeping the bias for the equity index ETF’s higher. The SPY and IWM seemed be ready to turn over the leadership to the QQQ, as both were becoming overbought.
The week played out with gold popping higher early in the week only to hit resistance while Crude Oil melted up. The US Dollar moved lower as Treasuries continued down. The Shanghai Composite broke consolidation higher while Emerging Markets rebounded from a test of support. Volatility bounced off of the lows but but fell back remaining subdued. The Equity Index ETF’s made new highs with the SPY and IWM leading the way but the QQQ still lagging in a range. What does this mean for the coming week? Lets look at some charts.
Disclosure: 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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Macro Week In Review: Gold Popped, Hit Resistance
Published 02/02/2013, 02:43 AM
Updated 05/14/2017, 06:45 AM
Macro Week In Review: Gold Popped, Hit Resistance
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