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The S&P 500 (NYSEARCA:SPY) finished a second week higher by +1.8%. In stark contrast were long-dated Treasuries (NYSEARCA:TLT), which continued their move lower by another -2.4%, now down to potential immediate support.
As intimated last weekend, widespread overbought readings were largely a function of the rapid move off a “V”-bottom. However, the more mild pace of this week’s advance reduced a great deal of this statistical pressure, making this particular retest of the upper-end of our multi-month range all the more intriguing for the bulls. Still, short-term RSI levels remain quite elevated, and the VIX, now >10% below its fifteen-day moving average, has fallen perhaps too rapidly.
Week Thirty-Seven of 2010 features a much busier economic reporting calendar, including retail sales and a myriad of industrial complex metrics. It should be a most interesting week indeed:
- U.S. Economic Calendar
- U.S. Earnings Calendar
- Historical Market Analogues
- ETF Rotation Models [Custom]