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SPY Trends And Influencers: The Pullback May Not Be Over

SPY Trends And Influencers May 18, 2019

Last week’s review of the macro market indicators saw heading into the May options expiration week equity markets had reset lower, but ended the week strong. This suggested the pullback might end. Elsewhere looked for Gold ($GLD) to pause in its downtrend while Crude Oil ($USO) continued to pullback in the uptrend. The US Dollar Index ($DXY) looked to continue to move sideways while US Treasuries ($TLT) were biased to continue higher.

The Shanghai Composite ($ASHR) might end its pullback while Emerging Markets ($EEM) were biased to the downside in the short run. Volatility ($VXXB) looked to settle back after a pop higher, easing the pressure on the equity index ETF’s $SPY$IWM and $QQQ. Their charts showed decent resets lower in the SPY and QQQ with the IWM back in its range.

The week played out with Gold shooting higher but then giving up all the gains and more at weeks’ end while Crude Oil had trouble early then recovered as the week advanced. The US Dollar moved higher in its range while Treasuries moved up slowly on the week. The Shanghai Composite languished under long term resistance while Emerging Markets continued to move lower.

Volatility spiked Monday to a lower high before retracing the rest of the week. This eased pressure on equities. The Equity Index ETF’s reacted with a quick move lower Monday and then they recovered the rest of the week. The QQQ ended nearly unchanged with the SPY and IWM off slightly. What does this mean for the coming week? Let’s look at some charts.

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