XME Fails at Resistance and Lags Market

Arthur Hill
by Arthur Hill,
Chief Technical Strategist, TrendInvestorPro.com

The Metals & Mining SPDR (XME) got a bounce with the stock market in the second half of October, but struggled in November with a trading range between 34 and 36.5. This struggle turned to weakness as the ETF gapped down on Friday and fell sharply. A follow through support break would signal a continuation of the bigger downtrend and target a move to new lows. The indicator window shows the XME:SPY ratio hitting a new low already as XME shows relative weakness. Note that copper fell sharply on Friday, Caterpillar gapped down and gold is down sharply.


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Arthur Hill
About The Author:

Arthur is the Chief Technical Strategist at TrendInvestorPro. 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. Learn More 

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