Amazon is not in this Retail ETF - you couldn't tell looking this chart.
Seems we have a double top - that said on weekly basis looks like it goes higher but a pull back to average price and or support resistance would make sense - which may turn into an inflection point.
Top Five holding are:
Overstock.com, Inc. 6.15%
Lithia Motors, Inc. Class...
Trend is clearly flipped bullish even with a test of support around 47-48 imo
(I get asked a lot about what I use for entries - I will briefly say that price action like this hammer here following a nice drop into a trend potentially flipping bull or already confirmed bull is one of my favorite plays of all.)
Fundamentally = garbage, but the technicals are pointing to a breakout. It is currently crossing one of the major horizontal resistances, and going up against another.
RSI is showing strength, and the volume profile over the last few months has been significant, compared to earlier in the year.
XRT - Retail Sector (Non Market Cap Weighted)
XLF - Financial Sector (Market Cap Weighted)
XME - Mining Index (Non Market Cap Weighted - US Miners only)
IWM - Small Cap (Non Tech Giants)
First The critical levels shown on Right Charts are something to be very mindful off.
The Product must hold support for the SPX to move higher. But a Crash in the SPX market...
Retail earnings will be coming in next week and there will be a lot of bad news that will push the market down. In the options market there are 4x the put volume contract on the XRT. The MACD has already turned over to the down side and you have a clear double top formed all bearish sign for this ETF. Target is the 37 dollar support level
This could be you or me or anyone else for that matter.
Trend lines and patterns are just a guide , not a 100% accurate , must happen thing for the Market to follow. Anyone attempting to control the market are either out of the market , cursing and swearing never to get in or have busted one too many accounts.
This entire selling saga lasted for 427 days; ie one...
After rallying 40% over the last month is former support about to turn into resistance for Retail? $XRT is approaching a logical level of overhead supply at a variety of key prior lows ~$38. Momentum remains in a bearish regime as the daily RS1-14 has been unable to achieve an overbought reading despite the recent rally. In fact, it hasn't been overbought since 2018.
On the news we could see some re-openings of the economy in certain states.
Retail is breaking out of a 2-week consolidation channel; after a double bottom April 3rd.
RSI @60, is in an uptrend. (Bull)
OBV is still consolidating (Bear)
We are testing the 50% fibonacci retracement line at $36.5 (closing price will be important)
Bear Wolfe Wave after yesterday's high and then lower close.
Has perfect symmetry.
Most likely it will retrace 0.786 of yesterday's bar today before proceeding down.
Sell short bottom of yesterday's bar, SL at top of bar and target at TL.
Excellent R:R ratio
The govt can pump all the loans it wants, but retailers are going to go bankrupt. Loans don;t prevent that, just delays it.
Sooner or later everything comes crashing down.....
Note, IWM and XRT look like they're going to break through the previous support.
The SPDR S&P Retail ETF closed above the resistance line yesterday but is seeing continuation of that breakout early in today's session. A close above the previous resistance line would confirm the breakout but a price above $45.70 would be better as price has rejected from there a couple of times prior.
Already seeing headlines boasting BIGGEST BLACK FRIDAY EVAR!!! Looking like a setup for a good short, especially as a hedge if you're long the overbought scam that is the SPX right now.
Thxgiving week (light blue intervals) has marked a local top or a continuation of a downtrend in 4 out of the past 6 years. The purple indicator is correlation w/ put volume on...