Equities were finally able to follow through and break out of their multi-week range to the upside, leaving the S&P 500 (SPY) higher by another +1.3% on the week.
Broad overbought conditions were taken out early in the week, lending support to the later continuation on the promise of a European/ Greece backstop. That said, the safety sector ETFs in Utilities (XLU), Consumer Staples (XLP) and Healthcare (XLV) are still a bit stretched to the upside.
How will the reality of the Greek vote play, and what influence will an FOMC meeting on Wednesday have next week? Stay tuned.
[Week 25 Calendars: Economic | Reporting]
Source: Mrkt_Commentary** subscription service; prior weekly posts.
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