Shoppers to the Rescue!
- Posted by Greg Harmon
- on March 29th, 2012
After coming off of a double bottom in March 2009 the Market Vectors Retail ETF, $RTH, is about to break long term trend resistance. The Relative Strength Index (RSI) is bullish and rising and the Moving Average Convergence Divergence (MACD) indicator is positive and growing, adding to the upside potential. Caution is advised as it is near the Measured Move from the 2010 low to the early 2011 movement and is about 37% above the 50 month Simple Moving Average (SMA) a spread rarely reached. But a move over 43 would solidify a strong move forward in the broad market. It may happen without retail or even with a pullback in the short run, but a move over resistance seals the deal.
If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
Dragonfly Capital Updates
- With The US Market in the Dumps Turn To China (Part III)
- Testing the Waters With Celgene
- A Long Term View On…. The Redux of 2013
- Premium Earnings 12-5-13
- 4 Lessons From A Glance Back at 2013
- The PC is Dead, Long Live PC Stocks
- Premium Earnings 12-4-13
- With The US Market in the Dumps Turn To China (Part II)
- With The US Market in the Dumps Turn To China (Part I)
- Premium Earnings 12-3-13