SPY Trends And Influencers: May 4, 2013
Dragonfly Capital | May 04, 2013 02:09AM ET
As we head into May, last week’s review of the macro market indicators suggested that everyone is telling you to sell and go away, to look for Gold to stall in the bounce while Crude Oil continued higher. The U.S. dollar Index seemed content to move sideways again. U.S. Treasuries were biased higher, but might continue to consolidate. The Shanghai Composite was looking better to the downside, with Emerging Markets looking to consolidate. Volatility looked to remain a non-issue, keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. The reversal candlestick patterns at the end of the week suggested a pullback for the coming week. In the long term, the uptrends remained with the QQQ looking the strongest.
The week played out with Gold stalling at the falling 20 day Simple Moving Average (SMA), while Crude Oil met some resistance before finding a range around its SMAs. The U.S. dollar broke lower before a false pop Thursday, selling back Friday while Treasuries moved higher in a pennant before falling back to end the week. The Shanghai Composite did not do much in its shortened week, while Emerging Markets peeked higher over their recent range. Volatility drifted at recent lows before falling Friday. The Equity Index ETF’s drifted early in the week before rocketing higher after the Non-Farm Payroll report Friday made new all-time highs on the SPY and IWM, and 12 year highs on the QQQ. What does this mean for the coming week? Lets look at some charts.
SPY Daily, SPY
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