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Technical Talk

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Homebuilders Looking Vulnerable

By Arthur B. Hill - Wed 24-Sep-08 8:26 AM EDT

The HomeBuilders SPDR (XHB) has been moving higher since mid July, but the plunge over the last two days looks like the start of a trend reversal. First, AD Net% finished below 90% on Tuesday. This was enough to push the McClellan Oscillator into negative territory (BearX) and to its lowest level since mid July.

On the price chart, XHB formed a rising price channel over the last two months. The ETF met resistance near the 2008 highs and then declined sharply over the last two days. This decline broke the lower trendline, but the ETF remains above last week's low. With the negatives quickly stacking up, XHB is likely to underperform the market over the next few weeks. -------------------------------------------------------

HomeBuilders SPDR (XHB) click here

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