Weekly ETF Rewind: Already At Oversold?

The markets took a little back last week with the S&P 500 (SPY) closing lower by -2.1%. Materials led the retreat (XLB -4.6%), while the Dollar finally caught a small bid (UUP +0.2%). However, looking at the Relative Strength Index chart below, the recent extended run higher has short-term oscillators leaving the impression that we are now as oversold as we were overbought just one short week ago.

(Click Image to Enlarge/ Glossary)

Week Forty of 2009 features the following economic reporting calendars:

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

Enjoy your weekend!

Click to enlarge:

Disclosure: Never Investment Advice