Weekly ETF Rewind: Bullish Consolidation or Overstretched to the Upside?

Ten percent-plus unemployment be damned, the S&P500 (SPY) finished the week up +3.4% for its first positive performance in a number of weeks. While the back-to-back plus days last week were most impressive, several indices are already beginning to look overstretched to the upside.

(Click Image to Enlarge/ Glossary)

Certainly traders were pondering this weekend whether Friday's flattish trade was more bullish consolidation, or a 62%-Fibonacci, 20-day moving average resistance line setting us up for at least a brief reversal.

Week Forty-Six of 2009 features a slower reporting calendar:

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

Hope you enjoyed your weekend!

Click to enlarge:

Disclosure: Never Investment Advice

Comments

[Northern Dancer]

By far, the most telling aspect of the rise in the markets this week was the incredible decrease in volume with each of the past 4 days of gains. How anybody can be overjoyed at the "bounce" this week is beyond my comprehension. 4 straight days of higher prices on 4 straight days of declining volume is not the recipe for any kind of follow through in the week ahead. In fact, it makes the likelihood of a serious drop in the days ahead seem almost assured.

2009 Nov 09 02:21 AM

[PCScipio]

Why is this article in the CEF section???

2009 Nov 09 10:44 PM