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Macro Week in Review/Preview December 21, 2012

Last week’s review of the macro market indicators suggested, heading into the last full week of the year, that there was still a bit of a cloud over the markets. Gold was biased lower within the long term neutral trend, with Crude Oil looking steady with a bias to the downside on a move out of the range. The US Dollar Index was biased to the downside if it were to break the tight range with US Treasuries looking lower in the uptrend. The Shanghai Composite was looking strong in the downtrend with Emerging Markets strong but perhaps ready for a rest. The Volatility Index was showing no fear anytime soon keeping the bias higher for the Equity Index ETF’s SPY, IWM and QQQ. Their charts showed some caution if not a pullback coming with the QQQ biased lower and weakest.

The week played out with Gold selling off as seen in the charts but Crude Oil moving higher. The US Dollar and Treasuries also continued lower but both found a bottom and bounced to end the week. The Shanghai Composite consolidated the move higher from last Friday while Emerging Markets drifted up before giving it all back Friday. Volatility also drifted higher before a spike and pullback to end the week. The Equity Index ETF’s made a move higher before pulling back to end the week nearly flat. What does this mean for the coming week? Lets look at some charts.

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