SPY Trends And Influencers Week Of October 29, 2012
Dragonfly Capital | Oct 28, 2012 05:23AM ET
Last week’s review of the macro market indicators suggested, heading into the new options cycle Gold (GLD) and Crude Oil (USO) looked ready to pull back further with the possibility that Crude Oil continued to consolidate.
The US Dollar Index (UUP) was poised to continue to move sideways while US Treasuries (TLT) were biased lower. The Shanghai Composite (SSEC) was biased to the upside within the long term downtrend while Emerging Markets (EEM) looked to continue to consolidate. Volatility (VIX) looked to remain low but was hinting at a move higher now, leaving the intermarket bias for the equity index ETF’s SPY, IWM and QQQ, mixed. Longer term biases lower for the US Dollar and Treasuries supported the upside while potentially rising Volatilty supported more pullback. The Indexes themselves reflected this with the SPY the strongest and still consolidating while the IWM was biased lower and the QQQ the pulling back. All three were biased to the downside in the short run but the IWM and QQQ were at longer term rising trendline support.
The week played out with Gold falling to support while Crude Oil also moved lower but is showing bottoming signs. The US Dollar continued sideways but towards the top of the range while Treasuries moved in a narrow range. The Shanghai Composite finally gave up the bounce and turned lower while Emerging Markets stayed in their range, testing the bottom end. Volatility bounced up off of the lows but remained subdued. The Equity Index ETF’s all fell Monday but consolidated for the rest of the week. What does this mean for the coming week? Lets look at some charts.
SPY Daily,
SPY Weekly, Original post
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.