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The S&P 500 (SPY) finished a third week higher by +1.4%. This modest performance was cowered by that of the powerful NASDAQ 100 (QQQQ), up +3.2% for a +7.2% advance over the course of the last four weeks. As evidenced by RSI-2 levels creeping steadily higher in this week’s Relative Strength charts below, markets have come a tremendous distance during the last twenty days to the very far edge of their recent trading range in unabated fashion.
Without a significant catalyst next week, it is therefore difficult to imagine a continued straight forward march. Nevertheless, will waiting for intraday confirmation beyond the first hour snap back continue to be the safer strategy for shorts?
Week Thirty-Eight of 2010 kicks off with various housing reports and a Federal Open Market Committee meeting:
- U.S. Economic Calendar
- U.S. Earnings Calendar
- Historical Market Analogues
- ETF Rotation Models [Custom]
I hope you are having a terrific weekend!
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If you are interested in a significantly more thorough version of this weekly summary, consider taking a look at Market Rewind’s nightly ETF Rewind Pro service. In addition to coverage of over 200 ETFs across twelve major asset classes, you will find three model portfolios, daily market signals and commentary, pairs trading, rotation modeling, and various powerful portfolio management tools.
Never Investment Advice: Prior Weekly Summaries
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