Don't Ignore This Chart

Bearish Candlesticks Take Shape for the Retail SPDR

The bigger trends are clearly up for the Retail SPDR (XRT) as the ETF broke resistance with a big surge in January. However, XRT is short-term overbought after a big move and bearish candlesticks are taking shape. A harami-cross formed on Friday-Monday and a hanging man formed on Tuesday. A break below 66 would confirm this pattern and argue for a correction.

130130xrt
Click this image for a live chart

|

Subscribe to Don't Ignore This Chart to be notified whenever a new post is added to this blog!
comments powered by Disqus