Mon. Jul 22nd, 2024

SPDR S&P Homebuilders (XHB:NYSEArca) is on the verge of breaking some +9 year old resistance.

Check out the monthly candle chart. That is one HUGE +9 year base. I have the breakout line is the 38-40 area. A monthly candle close above 40 would give me a target of 65.


Here is the 5 year weekly candle chart. Some consolidation near the breakout line.


A final zoom in on the 1 year daily candle chart. Price action breaking towards that breakout area.


My alert is set and will come back to this once triggered. Remember, the bigger the base, the higher in space!