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Macro Week in Review/Preview September 28, 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.

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