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By Jeff Pietsch

Traders may have finished the week feeling forlorn after Friday's repeat bear performance in spite of an otherwise admirable recovery off of the prior week's significant pullback. In fact, the S&P 500 (NYSEARCA:SPY) and Russell 2000 (NYSEARCA:IWM) finished higher a full +2.4% and +6.4%, respectively.

(Click Image to Enlarge/ ETF Rewind Glossary)

Meanwhile, commodities are beginning to look as oversold as the U.S. Dollar is overbought. Unfortunately for the bulls, we cannot also say equities are as oversold, with volatility looking well entrenched for the time being.

Indeed, emerging fundamental worries critically aside, a real cause for technical concern is the major deterioration of five of our tracked equity indices, which are now well below their respective 10-month/200-day moving averages (namely the Internationals - EFA/EEM, Materials - XLB, Energy - XLE, and Healthcare - XLV). The last time this occurred ended up being a false alarm -- will this one as well? I have to grant that this go does feel qualitatively different.

Week Twenty of 2010 features the following economic and reporting calendars:

I hope you had a terrific weekend! (Click to enlarge)

Disclaimer: Never Investment Advice

Source: Weekly ETF Rewind: Technical False Alarm or Real Cause for Concern?