Weekly ETF Rewind: Nearly Back to 'Normal'

The S&P500 (SPY) tacked on another +0.8% gain last week for a four-week increase of +10.0%. Looking at last week's table below, it is readily apparent how: a) the risk trade has been back on; and, b) how we remain intermediate-term overbought even as very short-term indications have come nearly back to normal.

(Click Image to Enlarge/ Glossary)

Week Thirty-Two of 2009 features another very busy earnings and economic calendar, including the Friday Job's report:

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

While we remain in this largely abnormal market environment and as a follow-through to the most recent analogous periods prediction, the twenty-week range forecast for the SPX has once again been lifted from lows of 930 to highs of 1,080 (shown below). It's that March 2003 match that particularly caught my eye.

Click to enlarge:

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