Macro Week in Review/Preview August 17, 2012

• Posted by Greg Harmon
• on August 17th, 2012

Last week’s review of the macro market indicators saw heading into the new week it looked like more of the same. Gold and Crude Oil were better to the upside with Oil stronger and Gold having a chance of consolidation. The US Dollar looked to continue to pullback in the uptrend with Treasuries possibly moving higher in the short run, within a pullback. The Shanghai Composite and Emerging Markets were poised to continue higher, at least in the short run for the Chinese market. Volatility looked ready to test the lows of 2005 through 2007. This created a very positive backdrop for the Equity Index ETF’s. The charts of the SPY and QQQ agreed with the inter-market view, while the IWM looked like the best of the three to consolidate the recent gains. Use this information as you prepare for the coming week and trade’m well.

The week played out with Gold consolidating over 1600 while Crude Oil moved higher. The US Dollar held a range while Treasuries moved lower. The Shanghai Composite found the top and reengaged the downtrend while Emerging Markets ran a flatline sideways. Volatility is testing the lows and allowing the Equity Index ETF’s to move higher. What does this mean for the coming week? Lets look at some charts.

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