After taking a big hit at the end of January, the Consumer Discretionary SPDR (XLY) firmed and surged to a new 52-week high this month. The ETF is up seven of the last eight days with a 5.3% advance. This is the sharpest advance since early September. This is either a buying climax or the start of another leg higher (like September).
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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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