Don't Ignore This Chart

Industrials SPDR Becomes Oversold and Finds Support

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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