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Macro Week in Review/Preview January 11, 2013

Last week’s review of the macro market indicators suggested, as the financial markets got back to full strength to look for Gold to continue lower while Crude Oil continued higher. The US Dollar Index seemed ready to continue higher while US Treasuries headed lower, with a chance that each may consolidate. The Shanghai Composite and Emerging Markets were biased to the upside with the possibility that each may also rest. Volatility looked to remain low and may continue lower keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ, despite the big moves higher last week. Their charts all looked higher as well with the IWM the strongest followed by the SPY and the QQQ pulling back or possibly consolidating.

The week played out with Gold mocking the charts and moving higher only to give it back Friday while Crude Oil basically consolidated. The US Dollar held higher until a crash down late in the week while Treasuries held lower. The Shanghai Composite consolidated its gains while Emerging Markets gave up some of their gains, and tested support. Volatility continued at unusually lower levels for recent history. The Equity Index ETF’s continued higher with the SPY, IWM and QQQ all finishing near the highs of the week. What does this mean for the coming week? Lets look at some charts.

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