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Houbuilders outperform

The price of XHB – the SPDR S&P Homebuilders ETF – dropped in mid-week till it touched its 20-day exponential moving average. At that point the bulls reacted and pushed price up and above its 10-day exponential moving average.

The next obstacle for XHB is the blue resistance line just under 42.

As we can see in the enlarged chart of MACD on the right, this momentum indicator has turned up and has crossed above its signal line.

Finally, XHB’s Relative Strength has already turned up and above its 20-day exponential moving average.

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