Don't Ignore This Chart!

Bearish Candlesticks Take Shape for the Retail SPDR

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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
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Arthur Hill
About the author: , CMT, is a Senior Technical Analyst at StockCharts.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. Learn More
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