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Macro Week in Review/Preview April 28, 2012

Last week’s review of the macro market indicators saw heading into the last full week of April the markets still looking broadly biased to the downside. Gold might have found a bottom while Crude Oil appeared ready to move back higher. The US Dollar Index was consolidating and showed no desire to move hard either way while Treasuries needed to show if they really want more upside. The Shanghai Composite was in baby bull mode with Emerging Markets continuing to leak lower. The Volatility Index showed no signs of powering higher yet. These influencers lined up to support downside or consolidation. The charts of the Equity Index ETF’s SPY, and QQQ agreed with this diagnosis on a short term basis but the IWM was looking a bit better with potential to break consolidation higher.

Gold did scoot along the bottom before rising late in the week while Oil moved higher into resistance. The US Dollar continued to consolidate early in the week before leaking lower to end it with Treasuries holding their previous gap up levels all week but not advancing. The Shanghai Composite continued a drift higher towards its first major resistance while Emerging Markets moved towards the top of the down channel. Volatility fell back lower to support easing the way for the Equity Index ETF’s to recover from a move lower to start the week. What does this mean for the coming week? Lets look at some charts.

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