“Granny Retail XRT continues to have my attention. I will follow her. Over 80 I am all in on a bull run in equities. Under 70, I am cautious, if not bearish, in equities.”You know what is incredible?
“What is a price channel? A price channel is a continuation pattern that slopes up or down and is bound by an upper and lower trend line. The upper trend line marks resistance and the lower trend line marks support.” Currently, XRT is in the middle of this high and wide channel. Analyzing the moving averages and phases is powerful but one can see that if the chart pattern is overlaid, XRT is now trading within the middle of the channel.
Momentum is in a bearish divergence as the red dots are beneath both the 50 and 200-DMAs while the price is above.However, the patient will be handsomely rewarded, as retail is huge and very necessary to keep the SPY and Dow on new all-time highs.
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