The Home Construction SPDR (ITB) is making a bid to break resistance as Aroon Up surges above Aroon Down. Also notice that Aroon Up hit 100, which suggests that a new uptrend may be emerging. Note, however, that this is the third time in three months that Aroon Up has surged to 100. ITB needs to confirm with a breakout and higher high.
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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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