Don't Ignore This Chart!

Consumer Staples SPDR Bounces off 200-day SMA

Stocks found a bid on Monday as the Consumer Staples SPDR (XLP) continued its bounce off the rising 200-day moving average. Notice that XLP hit this moving average on Wednesday, firmed on Thursday and bounced on Friday. Today's follow through confirms support in the 34 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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