The Retail SPDR (XRT) held up quite well in March as broken resistance turned into support at 47.5 the last few weeks. After a surge in early February, a falling wedge evolved and the ETF established resistance at 49.10 this week. A move above this level would break wedge resistance and argue for higher prices.
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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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