The S&P 500 hit a new high in late December, but the Retail SPDR (XRT) fell short of its prior high and could be forming a lower high, which is the first step to a downtrend. The June trend line and December low mark key support in the 84-84.5 area. The indicator window confirms the deterioration in XRT as the StockCharts Technical Rank (SCTR) broke below 60 for the first time since January 2013.
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