Macro Week in Review: Dollar Holding Steady
Dragonfly Capital | Nov 14, 2014 04:39PM ET
Last week’s review of the macro market indicators suggested, heading into the week, that the equity markets looked healthy but maybe a bit extended on the short term basis. Elsewhere looked for Gold to possibly reverse higher in its downtrend while Crude Oil might also be ready for a reversal of trend higher. The US Dollar Index might continue to consolidate in its uptrend while US Treasuries consolidated the move lower at support. The Shanghai Composite looked like it could take a breather from its run higher while Emerging Markets continued to be biased to the downside. Volatility looked to remain subdued after the spike higher keeping the bias higher for the equity index ETF’s SPDR S&P 500 (ARCA:SPY), iShares Russell 2000 Index (ARCA:IWM) and PowerShares QQQ (NASDAQ:QQQ). Their individual charts showed the IWM and QQQ consolidating in the short run while the SPY inched higher, but all 3 better to the upside in the intermediate trend.
The week played out with Gold trading in a tight range before launching higher before the end the week up while Crude Oil took another leg lower. The US Dollar did hold steady while Treasuries continued to try to make a bottom. The Shanghai Composite tested the 2500 level and paused while Emerging Markets held firm, resisting the downside. Volatility settled in, back at the low levels and under the moving averages. The Equity Index ETF’s were flat to higher, with the SPY and QQQ making new highs and eh IWM flat, but making a higher high intra-week. What does this mean for the coming week? Lets look at some charts.
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