The Homebuilders SPDR (XHB) finished 2009 strong, but ran into resistance from its summer highs in 2010. The ETF first hit resistance around 16 in late July and traded in the 14-16 are the last 6-7 months. The stock has long-term support at 13.5 and a break below this level would be negative.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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