Heading into June, last week’s review of the macro market indicators suggested that markets looked ready to take a breather and perhaps pullback. Gold was biased higher in the short term in its downtrend, while Crude Oil headed toward the bottom of its range. The U.S Dollar Index and U.S Treasuries both looked to continue lower. The Shanghai Composite maintained an upward bias but could consolidate first, while Emerging Markets continued being biased to the downside. Volatility looked to remain low, but drifting higher keeping the long term bias higher for the equity index ETF’s SPY, IWM and QQQ, but maybe a drag on them in the short run. The index ETF’s themselves appeared to be weakening in their uptrends, with the SPY the weakest followed by the IWM and the QQQ still showing some strength in longer charts.
The week played out with Gold running sideways, before a dip Friday while Crude Oil rose from the bottom of the range. The U.S. Dollar continued lower, while Treasuries consolidated at the lows. The Shanghai Composite broke lower, while Emerging Markets showed signs its descent could be slowing. Volatility continued higher before falling back to end the week. The Equity Index ETF’s started lower and continued downward moves, but they all found support and reversed to end the week.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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