Materials Still Act Strong

08/04/2009 9:15 am EST


Thomas Aspray

, Professional Trader & Analyst

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The materials sector has continued to lead the market higher as the move in XLB above the resistance at $26.65 has confirmed that the correction from the June highs is over. The daily chart shows no signs yet of a top, with trend line and the major 50% retracement resistance levels at $32-$32.50.

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