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Last week’s review of the macro market indicators suggested, heading into the last week of the year there was a positive tone in the price action of equities. That said Gold looked to continue lower while Crude Oil rose. The US Dollar Index seemed content to move sideways with a downside bias while US Treasurys were biased lower. The Shanghai Composite and Emerging Markets were biased to the upside with risk of the Chinese market reversing. Volatility looked to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ, despite the moves lower to end last week.
The week played out with Gold finding some footing at the 1640 level while Crude Oil did continue higher. The US dollar moved sideways printing a series of doji candles while Treasurys moved higher to the confluence of the Simple Moving Averages (SMA). The Shanghai Composite consolidated in a tight range before gapping higher again and Emerging Markets held at their higher levels. Volatility continued higher but remained subdued. The Equity Index ETF’s fell back all week moving here and there with the news.
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