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Macro Week in Review/Preview January 19, 2013

Last week’s review of the macro market indicators suggested, heading into the week that the broad markets continued to look good but with some caution creeping in. Gold might be bottoming but needed to prove it while Crude Oil continued the trend higher. The US Dollar Index looked to move in a tight range with a downside bias while US Treasuries were biased higher in the downtrend. The Shanghai Composite was finally taking a breather and looked better lower with Emerging Markets consolidating but biased to the upside. Volatility looked to remain subdued and maybe even move lower keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts agreed with the SPY and IWM the strongest and the QQQ’s lagging a bit.

The week played out with Gold continuing along with Crude Oil. The US Dollar started lower but bounced, although remaining in the tight range while the Treasury move higher got kicked back later in the week. The Shanghai Composite consolidated its gains while Emerging Markets did the same. Volatility managed to head lower breaking the recent lows. These allowed the Equity Index ETF’s to continue their slow grind higher led by the SPY and IWM, making new multi-year highs, with the QQQ moving sideways. What does this mean for the coming week? Lets look at some charts.

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