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By Jeff Pietsch

The S&P 500 (NYSEARCA:SPY) finished a third week higher by +1.4%. This modest performance was cowered by that of the powerful NASDAQ 100 (QQQQ), up +3.2% for a +7.2% advance over the course of the last four weeks.

(Click Image to Enlarge/ ETF Rewind Glossary)

As evidenced by RSI-2 levels creeping steadily higher in this week’s Relative Strength charts below, markets have come a tremendous distance during the last twenty days to the very far edge of their recent trading range in unabated fashion.

Without a significant catalyst next week, it is therefore difficult to imagine a continued straight forward march. Nevertheless, will waiting for intraday confirmation beyond the first hour snap back, continue to be the safer strategy for shorts?

Week Thirty-Eight of 2010 kicks off with various housing reports and a Federal Open Market Committee meeting:

I hope you are having a terrific weekend!

Click to enlarge:

Disclaimer: Never investment advice