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Last week’s review of the macro market indicators suggested heading into the last week of October, the equity markets were looking strong. Elsewhere looked for gold to continue lower in its longer term downtrend, while crude oil headed lower in the short term. The US Dollar Index was breaking to the upside, while US Treasuries were marking time sideways. The Shanghai Composite and Emerging Markets were biased to the upside, with Emerging Markets at a major resistance level. Volatility looked to remain subdued, keeping the bias higher for the equity index ETFs N:SPY, N:IWM and O:QQQ. The SPY and QQQ had major moves and looked set up to continue higher into next week with the IWM lagging and at resistance.
The week played out with gold slowly rolling higher in a fake out move before dumping late in the week, while crude oil started lower but found support and rallied late in the week. The US dollar pushed higher, but gave it back to end the week while Treasuries fell out of consolidation and pulled back. The Shanghai Composite marked time around 3400 while Emerging Markets pulled back from resistance. Volatility held in a low range, an uneventful week. The Equity Index ETFs halted started the week digesting last week’s move up, but then found some strength and pushed higher mid week. The SPY and the QQQ held the gains, but the IWM gave half back, still lagging.
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