After breaking above resistance in July, the Materials SPDR (XLB) moved into a holding pattern as broken resistance turned into support. Notice how the ETF bounced off 28.5 in mid August and is testing this level again in early September. A move below support would show weakness.
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Arthur is Chief Technical Strategist at TrendInvestorPro.com. Focused primarily on US equities and ETFs, his systematic approach of identifying trend, finding signals within and setting key price levels has made him an industry-leading technician.
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