Is Correction in Homebuilders Over?
06/30/2009 9:39 am EST
Last week, XHB, the Spyder Homebuilders ETF, tested the 50% support in the $11 area and has since moved higher. The more important 61.8% support lies at $10.50. A close above the 50- and 200-day MAs, both now at $12.50, would be the first strong sign that the correction is over. Longer-term resistance is at $14.30-$14.70.