Macro Week in Review/Preview April 14, 2012

• Posted by Greg Harmon
• on April 14th, 2012

Last week’s review of the macro market indicators saw heading into the new week many markets looking better to the downside. Gold and Crude Oil looked to continue their recent trends lower. The US Dollar looked strong and ready to continue higher while Treasuries were better to the upside in the short run in their downtrend. The Shanghai Composite may continue the bounce in the downtrend while Emerging Markets continue to consolidate. The Volatility Index looked ready to finally start the rise off the bottom. These influencers painted a picture that gave a downward bias to the US Equity ETF’s. The chart of the SPY agreed and looked to continue lower while the IWM and QQQ may follow or just consolidate.

The week rolled out with Gold reversing higher but Oil continuing lower only to base later in the week. The US Dollar lost its steam and consolidated before tripping and then recovering late in the week, while Treasuries gapped higher and stayed there. The Shanghai Composite did continue the bounce higher while as Emerging Markets tested lower before rebounding. Volatility rose confirming the bottom is but remains at low levels. The Equity Index ETF’s ran lower before regaining some of the loss at week’s end. What does this mean for the coming week? Lets look at some charts.

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