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.
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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)
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