I can only chuckle at major media outlets playing up the “break in declines” this week with what, volatility not seen in several month’s time and the S&P 500 (SPY) up a whole +0.1%? Define L.O.L. In fact, the NASDAQ 100 (QQQ) broke its 200-day moving average, finishing the week down another -1.3% for a cumulative -7.4% four-week retreat.
Interestingly, the lengthy sideways volatility has most oscillators in neutral territory, so bulls will be relying heavily on long-term key support levels to inspire a more legitimate “snap-back.” Overstretched volatility may also help with the VIX +16% above its three-week moving average. However, I suspect market’s are going to need some positive news flow assistance as well. Can our friends across the pond successfully kick the Greece can down the road a bit further over the weekend? Or, does the Fed have anything left to say that may give us the traditional FOMC bounce next Wednesday? Meanwhile, enjoy your weekend!
Source: ETF Rewind Pro subscription service.
