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.

  Matched “”
x
Take Advantage Of Our Free
7-Day Trial, $71st Month Offer!
  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!