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Macro Week in Review/Preview January 4, 2013

Last week’s review of the macro market indicators suggested, as the last day of 2012 approached Gold continued to look lower while Crude Oil showed an upside trend continuing. The US Dollar Index and US Treasuries seemed content to move sideways with US Treasuries biased higher and the Dollar Index lower. The Shanghai Composite and Emerging Markets were both biased to the upside with risk of Emerging Markets consolidating further first. Volatility jumped and was looking to be relatively higher than recently switching the bias for the equity index ETF’s SPY, IWM and QQQ, lower, with the QQQ looking the worst and IWM the strongest.

The week played out with Gold moving higher before getting shellacked late in the week while Crude Oil moved up to short term resistance. The US Dollar broke higher and Treasuries lower, the opposite of the chart set ups. The Shanghai Composite continued to to move higher in a very short week while Emerging Markets gave up some of their gains, after making new highs. Volatility dropped off giving back all of the up move and some from last week. The Equity Index ETF’s jolted higher on the New Years Eve session and followed that with a gap and hold the rest of the week, strong. What does this mean for the coming week? Lets look at some charts.

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