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SPY Trends And Influencers November 24, 2018

Last week’s review of the macro market indicators noted with November Options Expiration in the rear view mirror and traders looking forward to a short Thanksgiving week, equity markets were hinting at reversing higher. Elsewhere looked for Gold (GLD (NYSE:GLD)) to continue in its short term uptrend while Crude Oil (USO (NYSE:USO)) paused in its downtrend. The US Dollar Index (DXY) was resuming its move higher while US Treasuries (TLT) continued to consolidate in their downtrend.

The Shanghai Composite (ASHR) was staging a possible reversal while Emerging Markets (EEM) were trying to buck their downtrend. Volatility (VXX) looked to remain slightly elevated but drifting lower, easing the downward pressure on the equity index ETF’s SPDR S&P 500 (NYSE:SPY), iShares Russell 2000 (NYSE:IWM) and Invesco QQQ Trust Series 1 (NASDAQ:QQQ). Their charts showed some signs of reversing in the short timeframe, while on the longer timeframe the consolidation was more obvious.

The week played out with Gold drifting higher only to give it back Friday while Crude Oil moved lower all week accelerating at the end. The US Dollar made a higher low and then moved higher while Treasuries slowly moved up all week. The Shanghai Composite made a higher high and pulled back to a higher low keeping hopes alive for a reversal while Emerging Markets tightened their consolidation.

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