After a plunge below 78 to start the week, the Retail SPDR (XRT) firmed with a harami on Monday-Tuesday and then formed a hammer on Wednesday. These are bullish candlestick reversal patterns that require confirmation, which came with a gap and surge to 80. Even though the short-term reversal is in, the overall trend is still down after the January breakdown and big decline. The 50% retracement marks the first resistance zone in the 82.5-83 area.
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