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XSD Tests Breakout with Bullish Continuation Pattern

The Semiconductor SPDR (XSD) is consolidating within an uptrend as broken resistance turns first support in the 51 area. A small wedge or pennant formed the last five weeks and a break above 54 would signal a continuation higher. The indicator window shows XSD relative to SPY. Notice how XSD underperformed from January to October 2012 and then outperformed from October to June.

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