Wrote about homebuilders at the end of April -
Homebuilders Lead
Homebuilding stocks were at the top of the leaderboard this week, and given the macroeconomic backdrop, that seems important. The two key ETF’s that I watch in the space are and . Thanks for reading 732 Charts! Subscribe for free to receive new posts and support my work.
Both the XHB 0.00%↑ and ITB 0.00%↑ look positioned to retest the previously mentioned December ‘21 highs. I still remain cautious given the rate environment (7% 30 year, I’ve read about the lack of supply this has caused, which in turn has been explained as the rationale for the homebuilders catching a bid), but price is price. Interestingly, I kind of feel the same way about this setup as I did with AAPL 0.00%↑, where it ran into a prior high and, perhaps, might now be stalling out. Generals lead the way….
$AAPL - Resistance Ahead?
has seen an almost symmetrical move from August until today. It’s about $7 away from all-time highs, and is showing some negative RSI divergence if viewed from the August high. I’m inclined to watch for a pullback here, which would have broader market implications given the company’s weight within the major indices ($SPY, $QQQ).
