Breakdown in Retail (XRT) Would Signal Economic Weakness, Chart Watch

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XRT broke above the June 2007 high (45.51) and April 2010 high (45.64) recently. It closed at 47.26 yesterday. Keep an eye on those support levels just in case it rolls over. I'm thinking if retail stocks break down, that would signal economic weakness ahead (consumer). Also check out the steep channel from the March 2009 low and the near term wedge. XRT hasn't violated any levels yet, so how high will it go in this channel? I'm also watching the risk race: XRT/HYG.

Watch XRT (SPDR Retail ETF) trade live here: