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I’ve read some grumbling and hand-wringing with respect to the real estate fund symbol IYR, whose analog I’ve mentioned a number of times. It’s certainly been stubborn about weakening, but I wanted to provide this perspective on what the fund has been doing. My perception is that the strength has been carrying it to major resistance (represented by the blue arrows), having followed a major price peak (red arrows).
I never did like Sam Adams beer anyway. And certainly the shareholders don’t. 75% loss, and counting.
The bulls delivered a strong rally yesterday and there is actually a decent looking setup for a break up here that might well then deliver a fast retest of the all time highs on SPX. A daily RSI 5 buy signal fixed on NDX at the end of last week, which I wasn’t taking particularly seriously in the absence of a confirming signal on SPX, but at the close yesterday a daily RSI 5 buy signal also fixed on SPX. Both signals could deliver a sharp push up here through some key resistance levels.
On the SPX chart very strong resistance is in the 4500 area, with the SPX daily middle band currently at 4498.
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