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By Jeff Pietsch

Equities rebounded last week, breaking down-channel resistance and registering higher lows. In fact, the S&P 500 (SPY) managed to break above its fifty-day moving average and came within a hair of going positive relative to its ten-month moving average, finishing higher by +3.5% on the week.

(Click Image to Enlarge/ ETF Rewind Glossary)

The major indices are slightly overbought going into the final week of July, but only mildly so and with the European Bank "Stress-Tests" out of the way and a predominance of upside earnings surprises, I'd suppose at least even odds that markets can continue to repair the last couple months' damage.

Week Thirty of 2010 features a busier economic reporting calendar including Housing, Beige Book and Gross Domestic Product estimates:

Click to enlarge:

I hope you had a terrific weekend!

Disclaimer: Never Investment Advice

Source: Weekly ETF Rewind: Even Odds That Markets Continue Up