Last week’s review of the macro market indicators suggested, heading into the first week of summer, the markets were continuing to look weak. The week might start with a bounce though as they have run down pretty fast. It looked for Gold to consolidate or bounce before continuing the downtrend while Crude Oil moved lower in the prior broad channel. The US Dollar Index looked ready to continue higher while US Treasuries continued lower. The Shanghai Composite and Emerging Markets were biased to the downside with risk of the Emerging Markets consolidating first. Volatility looked to keep drifting higher keeping the bias lower for the equity index ETF’s SPY, IWM and QQQ. Their charts were in agreement with the IWM noticeably stronger than both the SPY and QQQ.
The week played out with Gold consolidating for a nanosecond before resuming lower while Crude Oil found a bottom and held near the recent range. The US Dollar continued higher while Treasuries made new lower lows before a week ending bounce. The Shanghai Composite made new lows as well while Emerging Markets caught a bid and retraced some of the down move. Volatility pulled back all week as the Equity Index ETF’s bounced off of lower lows made on Monday. What does this mean for the coming week?
Disclaimer: 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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Macro Week: Gold Moves Lower, Crude Oil Finds A Bottom
Published 06/30/2013, 01:55 AM
Updated 05/14/2017, 06:45 AM
Macro Week: Gold Moves Lower, Crude Oil Finds A Bottom
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