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The S&P 500 (SPY) finished a second week higher by +0.5%. In stark contrast for the holiday shortened week were long-dated Treasuries (TLT), which continued their move lower by another -1.2%, now down to potential immediate support.
As intimated last weekend, widespread overbought readings were largely a function of the rapid move off a “V”-bottom. However, the more mild pace of this week’s advance reduced a great deal of this statistical pressure, making this particular retest of the upper-end of our multi-month range all the more intriguing for the bulls. Still, short-term RSI levels remain quite elevated, and the VIX, now >10% below its fifteen-day moving average, has fallen perhaps too rapidly.
Week Thirty-Seven of 2010 features a much busier economic reporting calendar, including retail sales and a myriad of industrial complex metrics. It should be a most interesting week indeed:
- 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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