Don't Ignore This Chart!

Utilities SPDR Gets Oversold Bounce

After a sharp decline the first half of November, the Utilities SPDR (XLU) firmed for two weeks and then surged above its first resistance level. Notice that upside volume also surged twice in the last six days. Broken support turns next resistance in the 35.75-36 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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