Don't Ignore This Chart!

Utilities SPDR Battles Resistance

 | 

The Utilities SPDR (XLU) is underperforming the broader market as it battles resistance from broken support. Also notice that a rising wedge formed the last few weeks. A break below wedge support would signal a continuation of the downtrend that has been in place since late October.

101216xlu
Click this image for a live chart

Arthur Hill
About the author: , 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. Learn More
Subscribe to Don't Ignore This Chart! to be notified whenever a new post is added to this blog!
comments powered by Disqus