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After creating a bearish rising wedge, the DJ Home Construction index broke support and then rallied to……… kiss underside of the old support as resistance on 5/17.
Results since the kiss of resistance….A 19% decline in 9 weeks!
Joe Friday... This index is now breaking another support line. Keep a close eye on this sector because it was the first key sector to slow down in 2005, before the broad economy slowed down!