Over the past four months the important Market Vectors Retail ETF has been in sideways trading range. The high end of the range is around the $46.00 level while the low end remains around $43. Currently, the pattern on the daily chart of the RTH is still forming bullish consolidation, so a move into the high end of the range soon cannot be ruled out.
Today, the RTH is trading higher by 0.01 cent to $44.29 a share. Short-term traders should watch for intra-day resistance around $44.50 and $44.80. Should the RTH decline intra-day, there should be support around $44.15 then $44.87.
A few retail stocks that are coming under selling pressure, today, include Lululemon Athletica Inc. (LULU), The Gap Inc. (GPS), Costco Wholesale Corporation (COST) and Bed Bath & Beyond Inc. (BBBY). Each individual retail stock should be viewed on an individual basis as they don't always follow the RTH.