Homebuilders Testing Major Resistance

01/08/2010 2:54 pm EST


Thomas Aspray

, Professional Trader & Analyst

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The SPDR S&P Homebuilders ETF (XHB) has had a nice run over the past month and is up over 11%. It is now testing key chart resistance and the long-term downtrend in the $16.75 area. A strong close above this resistance would project a move to $20-$22, which is 20%-30% above the breakout level. The initial support is at $14.90.

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