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.
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