Mar 26

Weakness in Real Estate ETF

Today's weakness in the iShares Dow Jones Real Estate Trust ETF (IYR) in reaction to disappointing New Home Sales data leaves behind what looks to me to be a completed recovery rally pattern from 82.56 to 88.13. As such, my work argues that the IYR has started a new down-leg within its larger corrective pattern off of the 2/08 high of 94.99, which hit an initial low at 82.56 on 3/05. Next immediate target is 84.60 to test the support line off of the 3/05 low.
Chart

Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!