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Macro Week in Review/Preview July 25, 2014

Last week’s review of the macro market indicators suggested, heading into the week that the equity markets were again mixed. Elsewhere it looked for Gold to continue lower in its consolidation while Crude Oil continued lower as well. The US Dollar Index had a slight upward bias in the sideways price action while US Treasuries were biased to continue higher. The Shanghai Composite remained stuck in a sideways rut while Emerging Markets consolidated at resistance. Volatility looked to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts showed a mixed picture though, with the QQQ the strongest and looking for more upside, while the SPY consolidated in the uptrend and the IWM was biased lower in the short run within its consolidation.

The week played out with Gold heading lower before rebounding Friday to end the week back up over 1300, while Crude Oil consolidated at last weeks closing level. The US Dollar continued to move slightly higher while Treasuries found new 52 week highs. The Shanghai Composite broke out of its sideways motion higher with Emerging Markets probing at 3 year resistance. Volatility pulled back a bit before rebounding slightly to end near unchanged. The Equity Index ETF’s moved higher early in the week with the SPY and QQQ making new all-time and 14 year highs before a pullback late in the week erased most of the gains. What does this mean for the coming week? Lets look at some charts.

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