Our relative strength point and figure charts show a group that has rolled over and is in the early stages of a downturn. It is quite possible the homebuilders retrace the entire move off October 2011 lows. Charts are below.
Friday, November 1, 2013
Homebuilders Extend Downtrend on Taper Concerns
US homebuilders are back under pressure today as fears over Fed tapering are renewed.
Our relative strength point and figure charts show a group that has rolled over and is in the early stages of a downturn. It is quite possible the homebuilders retrace the entire move off October 2011 lows. Charts are below.
Our relative strength point and figure charts show a group that has rolled over and is in the early stages of a downturn. It is quite possible the homebuilders retrace the entire move off October 2011 lows. Charts are below.