ETF CORNER

XLY : When old support becomes resistance !

This is exactly what is happening to XLY (Consumer Discretionary SPDR). The old support level @$25.9 is now resistance ! See if that one breaks above $26... i doubt it !

XLY : Consumer discretionary.

 

 

 

XLY : Support is about to break.

XLY (Consumer discretionary) is about to break below the support line of the defined trading range. I don't believe XLY will bounce off the $22 level as it did last time at the end of May and rally to $24.5. This time the support will be broken and the trend will resume to the downside. Looking at this chart with a confirmed double top and a support about to break down is not what I call a bullish chart ! Avoid buying this group for the long term ! Did anyone tell you recently to "sell sell sell" XLY around $24 ? (Click here!)

XLY : Consumer discretionary.

XLY : Consumer Discretionary !! Sell,sell,sell !!!

Upside for XLY is getting thin !!

XLY : SPDR Consumer Discretionary

Why i'm short XLY ?

I had an email from a reader yesterday : Why did you short XLY @ $22,6 ?

1) It failed to break the 200 day mov avg on the upside.

2) The downside volume yesterday was important.

3) The RSI is looking like it wants to roll over.

All you need now is a down opening to get XLY to fall towards $20 in a matter of days !