Don't Ignore This Chart!

Retail SPDR Traces Out Bearish Engulfing


The Retail SPDR (XRT) hit a new high with a gap last week, but failed to hold this gap as a bearish engulfing pattern formed on Tuesday. Volume also perked up to its highest level in four days. After a rally from 52 to 59, the ETF could correct back to broken resistance in the 53.5 area.

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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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