The Consumer Discretionary SPDR (XLY) is one of the leaders in September, but the ETF is now stalling near the upper trendline of a rising price channel. The lower trendline was drawn first and the upper trendline is parallel from the late July high. This trendline extension coincides with the 62% retracement as well.
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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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