S&P RETAIL INDEX - $RLX
Monthly chart shows index trading below both the 8ema and the 34ema. Uptrend line broken.
Weekly chart shows index trading below the backend resistance ... index is below all its key moivng averages.
Daily chart shows abc consolidation wave in place. Index below all its key moving averages, and price action indicates impulse wave down ... look for the further weakness and continuation lower.
One can play the $rlx index with the RTH etf:
RETAIL HOLDRS TRUST - RTH
Monthly chart shows corrective move up into its highs at $109 level. Downside pressure has already taken it below the prior highs.
Weekly chart shows price below its key moving averages.
Daily chart shows abc corrective wave in place. Look for continued weakness and lower.
Sunday, October 21, 2007
$RLX Analysis for 10.21.2007
Posted by TraderZ at 10/21/2007 11:16:00 AM
Labels: $RLX
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