The Retail SPDR (XRT) is under pressure today after a miss from Best Buy (BBY) and a lackluster Retail Sales report. XRT broke trendline resistance in early December and then consolidated. This breakout is holding, but barely. Consolidation support is set at 52 and a break below this level would be bearish.
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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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