(Click Image to Enlarge/ Glossary)The markets took a little back last week with the S&P 500 (SPY) closing lower by -2.1%. Materials led the retreat (XLB -4.6%), while the Dollar finally caught a small bid (UUP +0.2%). However, looking at the Relative Strength Index chart below, the recent extended run higher has short-term oscillators rapidly leaving the impression that we are now as oversold as we were overbought just one short week ago.
Week Forty of 2009 features the following economic reporting calendars:
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