The Homebuilders SPDR (XHB) is finding support with a bounce last week and small gain in early trading on Thursday. Notice that the ETF is trading near the November trend line and the 61.80% retracement. These two items suggest support is at hand. A break above last week's high would reverse the four week down swing.
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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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