Don't Ignore This Chart!

Consumer Discretionary SDDR Fails to Hold Breakout


The Consumer Discretionary SPDR (XLY) broke above consolidation resistance on Thursday, but failed to hold this breakout after a sharp decline early Friday. XLY formed a long black candlestick that pushed the ETF to its lowest level since late December. An important support test is at hand.

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Arthur Hill
About the author: , CMT, is the Chief Technical Strategist at 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
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