Don't Ignore This Chart

Industrials SPDR Becomes Oversold and Finds Support

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The Industrials SPDR (XLI) is at an interesting juncture because the long-term trend is up and it is testing the January breakout. After hitting a 52-week high in February, the ETF fell back to the breakout zone in the 63.50 area and firmed with a long white candlestick four weeks ago. Broken resistance is turning into support as StochRSI becomes short-term oversold. Look for a breakout at 66 to end this correction and signal a resumption of the bigger uptrend. 

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