Weekly ETF Rewind: Net Bearish for This Week

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The S&P500 (SPY) finally made a more significant dent into its historic rebound, down -4.6% on the week. However, Financials (XLF) and Real Estate (IYR) were down the most severely, about -11% each. Consumer Staples (XLP), Technology (XLK) and Healthcare (XLV) were relatively spared for having previously slowed their rate of incline, each down less than -2.0%.

Week Twenty-One of 2009 features a significantly lighter earnings and economic calendar, including Housing data and the April FOMC minutes release:

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

Among the tracked ETFs, both Consumer Discretionarys (XLY) and Utilities (XLU) look short-term oversold, whereas Precious Metals (DBP) is now technically overbought by some measures. While the short-term trend has been interrupted and there is much fretting over the future of this rally, we thus far remain above critical support levels, and, while I'm net bearish on next week -- with all the money managers claiming to be on the lookout for re-entry points -- it seems early to be calling it officially down for the count. Enjoy Your Weekend!

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