The Semiconductor SPDR (XSD) is consolidating within an uptrend as broken resistance turns first support in the 51 area. A small wedge or pennant formed the last five weeks and a break above 54 would signal a continuation higher. The indicator window shows XSD relative to SPY. Notice how XSD underperformed from January to October 2012 and then outperformed from October to June.
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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.
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