The Home Construction iShares (ITB) has been one of the best performing ETFs over the last six months, but this run may hit resistance from the 2010 highs in the 15.50 area. The six month trend is clearly up and I would mark support at the early March low. A break here would reverse this uptrend. Also watch Price Relative support at .10 in the indicator window.
Click this image for a live chart.
 | StockCharts.com - Blogs |
All articles from the StockCharts.com blogs
Don't Ignore This Chart!
« February 2012 | April 2012 »
Home Construction iShares Hits 2010 Highs
Commodity Groups Hit Hard with Industrial Metals Leading the Way Lower
The six CandleGlance charts shows the CRB Index ($CRB) and five commodity groups. All are down today with the oil heavy CRB Index falling over 1%. The Industrial Metals Index (GJX) moved below its mid February low and the Agriculture Index ($GKX) fell over 4% the last nine days.
Click this image for a live chart
Triple Top Breakdown for the Energy SPDR $XLE
On the Point & Figure chart below, the Energy SPDR (XLE) forged a Triple Bottom Breakdown when the most recent O-Column moved below the equal lows of the prior two O-Columns. This breakdown is bearish with a downside projection around 67.50, which coincides with the Bullish Support Line extending up from the October low (red A).
Click this image for a live chart
TechTarget Breaks Resistance on Low Volume
After consolidating since mid February, TechTarget (TTGT) finally made a break with a three-day surge above resistance. The move looks impressive price-wise, but volume is sorely lacking thus far. Even though Monday's trading has yet to close, volume on the three day advance did not validate this breakout.
Click this image for a live chart.
Finisar Consolidates at Key Retracement $FNSR
Finisar (FNSR) plunged with a move from 23.50 to 18, but found support right at the 61.80% retracement line, which is based on a Fibonacci number. Even though the stock has yet to recover, it is consolidating with clear support and resistance levels to watch going forward.
Click this image for a live chart.
Energy Sector Turns Red on Market Carpet
The Sector Market Carpet shows the nine S&P sectors with the energy sector displaying the most red. The average stock is down 2.9% and three of the five biggest losers come from this sector. Defensive sectors held up the best on Thursday with consumer staples, healthcare and utilites sporting the smallest losses.
Click this image for a live chart.
Steel ETF Forges Island Reversal with Gap Down $SLX
With a gap up, two candlesticks and a gap down, the Steel ETF (SLX) formed an island reversal over the last five days. Notice that this reversal formed near the late February highs and the ETF broke the March trendline with further weakness on Wednesday.
Click this image for a live chart.
Consumer Discretionary SPDR Hits 52-week High
Want to gauge retail spending? Just take a look at the Consumer Discretionary SPDR (XLY), which hit a new 52-week high today. There are 80 stocks in this sector and most are dependant on consumer spending to drive revenues (think Disney, Macy’s, Amazon, Starbucks, DR Horton). New highs in this sector SPDR suggest strong consumer spending ahead.
Click this image for a live chart.
Crude Oil Volatility Index Plummets
Volatility is falling everywhere these days. Notice that the CBOE Volatility Index ($VIX) and the Crude Oil Volatility Index ($OVX) both moved sharply lower in March. $OVX plunged the last two weeks as Spot Light Crude bounced off the 105 area for the second time this month.
Click this image for a live chart.
Gold SPDR Firms in Key Retracement Zone
It has been a tough March for gold, but the Gold SPDR (GLD) may be at support marked by the Fibonacci Retracements Tool. Notice that the decline to 159 retraced 50-61.80% of the prior advance and the ETF firmed just above 160 the last two days. Watch for a long white Heikin-Ashi Candlestick and breakout to reverse this downtrend.
Click this image for a live chart.
