Macro Week in Review/Preview November 23, 2012
- Posted by Greg Harmon
- on November 23rd, 2012
Last week’s review of the macro market indicators suggested, heading into the shortened Thanksgiving week there were signs of a bottom, but not any reason to buy yet. Gold looked lower within the neutral long term channel while Crude Oil was biased higher in the consolidation. The US Dollar Index looked to continue higher while US Treasuries seemed ready for a pullback in the uptrend. The Shanghai Composite and Emerging Markets were biased to the downside. Volatility looked to remain low with an upward bias keeping the bias lower for the equity index ETF’s SPY, IWM and QQQ, despite the potential reversal candles on their charts.
The week played out with Gold testing lower before finding support while Crude Oil drifted up. The US Dollar held in a tight range while Treasuries fell back but found support. The Shanghai Composite consolidated at the lows while Emerging Markets moved back up into their consolidation range. Volatility took another step lower, remaining subdued. The Equity Index ETF’s confirmed the reversal candles from Friday and moved up all week. 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)
- Top Trade Ideas for the Week of November 30, 2015: The Best
- SPY Trends and Influencers November 28, 2015
- Macro Posts This Past Week
- Macro Week in Review/Preview November 27, 2015
- How this Week’s Top 10 Performed, November 27, 2015
- Black Friday Sale on Gold
- Happy Thanksgiving from Dragonfly Capital
- Why a December Rate hike is not a lock
- Premium Earnings 11-24-15
- Tech is winning, but not the SOX?