The Home Construction iShares (ITB) and the Finance SPDR (XLF) have been moving together the entire year. The indicator window shows XLF in black and ITB in red. Not much difference between these two price patterns. In the main window, ITB is testing support from broken resistance and the 50-62% retracement zone.
Click this image for a live chart
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.
Learn More
