The stock market may be overbought and sentiment may seem overly bullish, but buying pressure continues to outpace selling pressure. Case-in-point: the Retail SPDR (XRT) surged to a fresh 52-week high on Tuesday and the price relative (XRT:SPY ratio) is challenging its November high. Strength in retailers is a positive sign for the economy and the market.
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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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