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SPY Trends And Influencers November 17, 2018

Last week’s review of the macro market indicators noted heading into November Options Expiration the equity markets showed a good bounce on the week but with a weak finish Friday. Elsewhere looked for Gold (GLD (NYSE:GLD)) to consolidate its move higher while Crude Oil (USO (NYSE:USO)) continued to move lower. The US Dollar Index (DXY) was resuming its move higher while US Treasuries (iShares 20+ Year Treasury Bond (NASDAQ:TLT)) were pausing in their downtrend. The Shanghai Composite (ASHR) and Emerging Markets (iShares MSCI Emerging Markets (NYSE:EEM)) might be pausing in their downtrends.

Volatility (VXX) continued to settle down in a slow fade, removing some downward pressure on equities, but it remained slightly elevated. The equities themselves were mixed with the SPY strongest and in a short term uptrend, while the IWM was pausing in its move higher and the QQQ was the weakest but broadly consolidating after the pullback.

The week played out with Gold pulling back early then rebounding late in the week while Crude Oil found support mid week and drifted higher. The US Dollar topped Monday and pulled back while Treasuries held in a tight range slightly higher. The Shanghai Composite consolidated over a key moving average while Emerging Markets gave up some gain but held over prior lows.

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