Tuesday, January 29, 2019 12:35:14 PM
One of the big winning ETFs since December market low has been the SPDR S&P Retail ETF (NYSEARCA:XRT). This highly followed ETF rallied higher by 18.0 percent since its recent low made on December 26, 2018. The current pattern on the charts suggests that there could be another pop in this ETF very soon. You see, since the XRT hit its 50-day moving average on January 9th, 2019 it has been consolidating sideways. Currently, the XRT is trading at $44.01 a share and forming a nice sideways base. Often, when a stock will consolidate in this manner it is setting up for another move higher very soon. The equity might need to continue this sideways action for another week or so before making a resuming move to the upside. The upside target for the equity would be around the $47.00 area. This equity is now on my radar for a long trade should we consolidate throughout the rest of the week.
Nick Santiago
InTheMoneyStocks
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