REITs Break Out
03/24/2010 3:55 pm EST
The S&P REITs Index has been in a solid uptrend since the February lows and overcame several levels of resistance last week. The long-term downtrend goes back to the 2007 highs. The major 50% retracement resistance is at 123, which also corresponds to significant chart resistance. There is further resistance in the 140-150 area. The RS line has confirmed the price action as it has moved above resistance dating back to late 2008.