I just built a model space station with my son. The first step in this process was to open the box and review all the materials. Materials are the building blocks of any project. Including the economy and the broad market. And the Material Select Sector SPDR ETF (XLB) is looking ready to make a major statement about that.
The weekly chart below gives 5 indications that it is ready to continue higher. First, since October 2011 it has continued to make a series of higher highs and higher lows, defining the trend. Next, the stock broke above the symmetrical triangle last week, and has a target on the move to 49.50.
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