Don't Ignore This Chart

Bearish Candlesticks Take Shape for the Retail SPDR

Arthur Hill | 
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.

Click this image for a live chart
Arthur Hill
About the author: , CMT, is a Senior Technical Analyst at He has written articles for numerous financial publications including Barrons and Stocks & Commodities magazine. 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 technician. In addition to his CMT designation, Arthur holds an MBA from the Cass Business School at City University in London.
Subscribe to Don't Ignore This Chart to be notified whenever a new post is added to this blog!
comments powered by Disqus