Heading into the shortened unofficial first week of Summer, last week’s review of the macro market indicators suggested, that there was some nervous caution in the markets. Gold looked to consolidate with a downward bias, while Crude Oil churned in the tightening range. The U.S. Dollar Index seemed ready for a pullback in the recent uptrend, while U.S. Treasuries were biased lower in their consolidation. The Shanghai Composite looked strong, but Emerging Markets were biased to the downside. Volatility looked to remain benign, keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ, despite short term pullbacks and recent new highs. Their charts showed more caution, with a further pullback or consolidation likely.
The week played out with Gold moving higher, while Crude Oil moved lower in the range. The U.S. Dollar held at resistance before failing to end the week while Treasuries broke the consolidation, moving lower. The Shanghai Composite made a higher high before retreating, while Emerging Markets just moved lower. Volatility picked up off of the lows, but remained subdued. The Equity Index ETF’s SPY, IWM and QQQ consolidated in triangle patterns tightening into Friday and under the highs from last 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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