Stock market today: S&P 500 in weekly loss as trade war fears intensifyy
Last week’s review of the macro market indicators suggested, as we shifted focus from the election to the fiscal cliff, that the market was revolting. Gold looked to continue in its uptrend while Crude Oil consolidated with a bias lower. The US Dollar Index and US Treasuries were set to move higher.
The Shanghai Composite and Emerging Markets looked to consolidate, with the Shanghai Composite doing so in a downtrend. Volatility looked to remain low but slowly trending higher making a hard way for the equity index ETF’s SPY, IWM and QQQ, which all looked better to the downside, despite some signs of possible reversals.
The week played out with Gold consolidating before leaking lower towards the end of the week while Crude Oil drifted higher in a tight range. The US dollar held a tight consolidation week before moving higher Friday while Treasurys held at the highs. The Shanghai Composite continued its move lower with Emerging Markets following lower as well. Volatility held in a tight range, arresting the uptrend. These influencers did nothing to stop the trend lower in the Equity Index ETF’s, with the SPY, IWM and QQQ all continuing lower.
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