A quick look at the Relative Strength charts below highlights the divergence in performance we saw last week between the NASDAQ100 (QQQQ) and S&P500 (SPY). Nevertheless, both ended the week undeniably lower, with the QQQQs down -1.9% and the SPYs off some -2.1% for a fourth week of losses. In spite of the declines, a consolidation process on declining volume really only left Real Estate (IYR) clearly short-term oversold among the tracked sectors, as follows:
(Click Image to Enlarge/ Glossary)Week Twenty-Nine of 2009 kicks off the opening of the potentially catalytic second quarter earnings floodgates and includes a very busy economic calendar, as follows:
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