Market Summary

The image below is the long term monthly chart of the SPY showing the Fibonacci Retracement from the high in October 2007 to the low of March 2009. There has been exceptional strength in this rally and price has blown past the 50% retracement and is headed to the 61.8% retracement level at 123.30 (or 1233 on the S&P 500). It pretty much looks like a V bottom so far and the 123.30 level is another 5% higher. Click on image to enlarge.

The composite image below of the SPY shows the long, intermediate, and short term trend are still in the green indicating bullish sentiment. Only the very short term trend as measured by the hourly trend in the 60 Min panel has a pink background showing a bearish sentiment in that time frame. Click on image to enlarge.

For the week the US Dollar as measured by the ETF UUP was up the most up 1.05% while the natural gas ETF UNG was down the most down -6.91%. For the Year-To-Date performance the Russell small cap index is up the most up 6.07% while the natural gas ETF is off the most down -34.21%. When the Russell small cap index leads the market higher that is a very bullish sign. Click on table to enlarge.