Weekly Market Review: July 24, 2009

After touching the neckline on the head & shoulder formation last week, the market has been steaming upward at an unstoppable pace. Retracements have been shallow throughout this upward climb.

We're now testing 980 and the market just closed a hair beneath it on Friday. Today's (Friday) volume has been intriguingly low. However, it bears remarkable resemblance to last Friday's action wherein we were also testing a significant resistance (950) on both Thursday and Friday and then the Friday closed near the top but with very little volume.

With the lackluster retracements lately, one wonder what happened to all the bears out there. And where is the profit-taking?

I'm afraid I don't have much to say in way of analysis now. This market is just beyond me as of late.

[caption id="attachment_1622" align="aligncenter" width="500" caption="S&P 500 ETF"][S&P 500 ETF][][/caption]

[caption id="attachment_1623" align="aligncenter" width="500" caption="S&P 500 ETF"][S&P 500 ETF][][/caption]

GICS Sectors Overview

[caption id="attachment_1624" align="aligncenter" width="499" caption="6 months: XLE XLB XLI XLY XLP XLV XLF XLK IYZ XLU"][6 months:
XLE XLB XLI XLY XLP XLV XLF XLK IYZ XLU][][/caption]

[caption id="attachment_1625" align="aligncenter" width="500" caption="1 month: XLE XLB XLI XLY XLP XLV XLF XLK IYZ XLU"][1 month:
XLE XLB XLI XLY XLP XLV XLF XLK IYZ XLU][][/caption]

[caption id="attachment_1626" align="aligncenter" width="500" caption="5 days: XLE XLB XLI XLY XLP XLV XLF XLK IYZ XLU"][5 days: XLE
XLB XLI XLY XLP XLV XLF XLK IYZ XLU][][/caption]

[S&P 500 ETF]: http://traderpau.files.wordpress.com/2009/07/2009-07-24-spy.png [S&P 500 ETF]: http://traderpau.files.wordpress.com/2009/07/2009-07-24-spy_prop.png [6 months: XLE XLB XLI XLY XLP XLV XLF XLK IYZ XLU]: http://traderpau.files.wordpress.com/2009/07/2009-07-24-6m_sectors.png [1 month: XLE XLB XLI XLY XLP XLV XLF XLK IYZ XLU]: http://traderpau.files.wordpress.com/2009/07/2009-07-24-1m_sectors.png [5 days: XLE XLB XLI XLY XLP XLV XLF XLK IYZ XLU]: http://traderpau.files.wordpress.com/2009/07/2009-07-24-5d_sectors.png