Macro Week in Review/Preview July 13, 2012

• Posted by Greg Harmon
• on July 13th, 2012

Last week’s review of the macro market indicators saw as the holiday week ended and many got back to work looked for Gold to continue in a broad range with a downside bias while Crude Oil looked higher with a possibility of consolidation. The US Dollar Index and US Treasuries were set to move higher with the possibility that Treasuries continued to be stuck in their range. The Shanghai Composite was biding time before falling and Emerging Markets were biased to the upside. Volatility looked to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts agreed on the longer timeframe with pullbacks or consolidation a possibility in the short run. Continue to watch Treasuries and the Dollar Index for reversals that will impact the Equity markets.

The week played out with Gold and Crude Oil behaving as the charts suggested. The US Dollar and Treasuries both broke out higher before retreating a bit Friday. The Shanghai Composite continued the slow grind lower while Emerging Markets tested lower before bouncing. Volatility moved slightly higher before falling back to end the week. The Equity Index ETF’s opted for the short term pullback option falling through the week before a bounce on Friday to recover some of the losses. What does this mean for the coming week? Lets look at some charts.

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