US Equities registered their fifth consecutive week of declines, apparently the longest downhill run since 2004, leaving the S&P 500 (SPY) another -1.9% in the red. Looking closely at short-term oversold/ overbought status using the Price Index (RSI-2 & 5) columns; however, I’ll note the beginnings of market-wide oversold conditions.
I’ll therefore be surprised if SPX 1,300 doesn’t hold for at least a short while, but recent economic readings have certainly not been supportive and June has formed a dim track record in recent years….
Source: ETF Rewind Pro subscription service; prior weekly posts.
