Last month in this space my Monthly Macro Review/Preview had the monthly outlook suggesting Gold and Copper will continue to consolidate along with Crude Oil, while Natural Gas continued to pull back from its recent highs. If one of them moves higher it was expected to be Crude Oil. US Treasuries looked to continue their recent trend lower joining the US Dollar Index. The Shanghai Composite, German DAX and Emerging Markets all continued to look better higher. Volatility was making new lows and increasing the tailwind to the equity markets. The Equity Index ETF’s SPY, IWM and QQQ all were set up to continue higher in the coming months, with IWM the strongest followed by the SPY and then the QQQ bringing up the rear. How does an additional month impact the longer term picture? Let’s look at some charts.
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