Macro Week in Review/Preview March 25, 2012

• Posted by Greg Harmon
• on March 25th, 2012

Last week’s review of the macro market indicators saw heading into next week the market providing some clarity. Gold looked to continue lower while Crude Oil consolidated with an upward bias. The US Dollar Index looked better to the upside but Treasuries now were solidly biased lower. The Shanghai Composite looked lower while Emerging Markets were poised to break higher out of a consolidation zone. The Volatility Index added some spice to the party and did not look to move markedly higher soon. These influencers built a backdrop for the US Equity Index ETF’s SPY, IWM and QQQ to continue higher. An acceleration of Treasuries lower would only reinforce this. The charts of those Index ETF’s agreed with the SPY and QQQ looking the strongest and the IWM still working off some previous price history.

The week saw Gold and Oil both consolidate, with Gold testing lower before recovering. The US Dollar only drifted higher while Treasuries found support and bounced a bit. The Shanghai Composite did fall lower but held support while Emerging Markets fell to the bottom of their recent range. Volatility continued to hover at the lows. The Equity Index ETF’s finally pulled back on their runs higher with the QQQ holding out the longest. What does this mean for the coming week? Lets look at some charts.

If you like what you see sign up for more ideas and deeper analysis using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits feed and on chartly.)

Subscribe to read the rest of this article.