With help from component Merck, the Healthcare SPDR (XLV) bounced off support around 28. The ETF established support here with reaction lows in early September, early October and now early November. It is safe to say that the trend is clearly up as long as this support level holds.
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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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