On this quiet Sunday, before what promises to be another dynamic trading week, let’s look at a few real-estate oriented ETFs. Starting off, we have the SPDR Homebuilders, which has been carving out a series of lower highs recently. As long as it stays beneath 42.86, this is still a clean downward pattern (we even “teased” a break of the topping pattern already).
The triple-bullish real estate fund symbol DRN has had its share of volatility the past couple of years. To my eyes, real estate has been one sector clearly entering a bear market. The big question at this point is whether the consolidation we’ve been in the past few weeks is preceding a recovery bounce or a new leg down.
Yeah, yeah. Big reversal. Particularly in real estate. But this is going to exhaust itself soon enough.