Macro Week in Review/Preview September 28, 2012
- Posted by Greg Harmon
- on September 28th, 2012
Last week’s review of the macro market indicators saw, heading into the first week of Autumn the market remained strong but with a few caution flags showing up. Gold looked to continue higher with Crude Oil continuing to pullback in the uptrend. The US Dollar Index continued to look weak despite consolidating this week while US Treasuries consolidated with a bias lower. The Shanghai Composite looked horrible making new lows and nothing positive in the charts with Emerging Markets consolidating at resistance in the uptrend. Volatility looked to remain low paving the way for the equity index ETF’s SPY, IWM and QQQ, to continue higher. This was supported by the view of a lower Dollar Index and lower Treasuries. The Index ETF’s themselves all appeared strong and held through Options Expiration, but may continue to consolidate.
The week played out with Gold and Crude Oil rolling lower only to recover Thursday and move back higher into the consolidation ranges. The US Dollar continued to drift higher in its consolidation while Treasuries may have found resistance in their run up. The Shanghai Composite made new lows before bouncing Friday and Emerging Markets moved in a tight range. Volatility drifted higher but remained subdued. The Equity Index ETF’s gave up some ground and are holding near their 20 day Simple Moving Averages (SMA). 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.
Already a member? Sign in here.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
- Macro Month in Review/Preview August into September 2014
- Macro Week in Review/Preview August 29, 2014
- Premium Earnings 8-29-14
- Stocks and Bonds Rising Together – Its Not So Strange
- Keep It Simple: Ford Stock Is Rising So Buy It
- Premium Earnings 8-28-14
- The Relative Weakness in Gold Aint Over Yet
- Eyeing a Meal and a Trade in Buffalo Wild Wings
- Premium Earnings 8-27-14
- Re-Emergence of the Emerging Market ETF