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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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Tuesday, August 16, 2022

Homebuilders ETF Looks Shaky

The following monthly chart of the Homebuilders ETF (XHB) reveals the explosive activity that occured from mid-2020 to January 2022 -- nearly doubling in value -- before plunging, along with the Major Averages and equities, then bouncing somewhat.

However, anything above 40.00, especially above 50.00, is subject to further weakness and a rapid downdraft -- to, potentially, the long-term major support level of 30.00, or lower -- as the U.S. and world economies slow into recession over the coming weeks and months.

If XHB plummets, I expect that the SPX will follow...so, this ETF is worth monitoring closely.

The following article describes the recent weakness in this market.