Don't Ignore This Chart!

Metals & Miners SPDR Breaks Support and Shows Relative Weakness


After stalling in March and April, the Metals & Miners SPDR (XME) turned lower in May and broke a key support zone. Notice how XME held the 41 area for two months and then broke this zone twice in May. The indicator window shows the price relative (XME:SPY ratio) also breaking down in May as XME underperforms the S&P 500 SPDR. 

Click this image for a live Chart

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
Subscribe to Don't Ignore This Chart! to be notified whenever a new post is added to this blog!
comments powered by Disqus