Wed. Oct 30th, 2024

Trenches are being drawn for SPDR S&P Retail (XRT:NSYE). The price action is morphing and tracing out a new possible top pattern. Check out the monthly candle chart.  I have the breakdown line at 80.  monthly close below that and I have an implied measured move added to that breakdown line giving a 60 target. This case is also supported by the “bearish divergence” with the rsi. A close above 100 will also invalidate this scenario and possibly imply a bullish one (not covered in this blog entry).

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Here is the weekly candle chart. More of the same.

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Final zoom on the 1 year daily candle chart. Price action right now in no man’s land.

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This needs some time to marinate in order to get the next BIG move. Set your alerts. Patience required.