The Retail SPDR (XRT) reversed near resistance with a gap up, stall and gap down. This sequence is also known as an island reversal. In addition to the reversal at resistance, notice that XRT shows relative weakness as the price relative moved below its mid December low.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.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. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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