Weekly ETF Rewind: Overbought Readings Across Multiple ETFs

After battling Swine (H1N1) Flu pandemic fears out of the gate, all of the broad indices nevertheless finished the week higher, with the S&P500 (SPY) up +1.4%. As highlighted previously, a number of the more beta-oriented equity indices ultimately finished bullishly above their long-term moving averages, including the NASDAQ100 (QQQQ), Emerging Markets (EEM), Consumer Discretionaries (XLY), and Technology (XLK). All that said, interesting how Utilities led the week (XLU +4.6%)! Among the tracked equity indices, only Financials (XLF) and Real Estate (IYR) fell back ahead of the formal "stress-test" results scheduled for next week Thursday.

(Click Image to Enlarge/ Glossary)

Week Nineteen of 2009 features the following earnings and economic calendar, including a Friday jobs report:

• Yahoo! - U.S. Economic Calendar
• Yahoo! - U.S. Earnings Calendar

Although overbought conditions have repeatedly been addressed intra-week with the now familiar post-Monday blues recovery pattern, note within the Price Index column how overbought readings are once again creeping across multiple ETFs.

Click to enlarge:

Comments

[Alan Young:]

AAAGHH! Someone help me! I actually am agreeing with Cetin!

And the scariest part is... a few days ago, I was saying "overbought, be ready to bail when it rolls over..." This morning, the unambiguous rally in Asia has changed the context, and I'm finally ready to cover my shorts.

May 04 04:36 AM