By Jeff Pietsch
The market was able to repair itself somewhat last week with the S&P 500 (NYSEARCA:SPY) higher by +2.7%. While price action may face significant resistance just overhead and we are mildly short-term overbought, it was very encouraging this week to see select leading ETFs recapture their ten-month moving averages, including the Russell 2000 (NYSEARCA:IWM), Industrials (NYSEARCA:XLI), Transports (NYSEARCA:IYT), Consumer Discretionaries (NYSEARCA:XLY) and Real Estate (NYSEARCA:IYR). While it's true that the most oversold indices often bounce the hardest, that is a seemingly bullish slate indeed.
(Click Image to Enlarge/ ETF Rewind Glossary)
I hope you have a terrific weekend!
Click to enlarge:
Disclaimer: Never Investment Advice