MIKE PAULENOFF'S ETF TRADING DIARY
The Homebuilders Select SPDR (AMEX: XHB) managed to hold support in the 19.70 area again, creating a minor double-low" with Friday afternoon, and setting up a potentially strong upside acceleration if the price structure hurdles 20.85-.90 later this afternoon. My technical work argues in favor of such a constructive move, which projects the XHB to climb towards a test of its prior rally peak at 23.60 from 2/01. Only a decline that breaks and sustains beneath 19.70 will neutralize my current outlook.
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