In index broke through the upward band of a downward channel which is bullish. But the index is barely above resistance a bit above $154. If the index holds at this level a further upward move is more probable. But the index has had trouble maintaining gains recently, so don't be surprised if it pulls back.
2 comments:
bonddad, shoppertrak's June data is out, continuing the trend since the end of last year: sales up, traffic down:
June, +4.7% sales, -3.7% traffic
June retail sales from the Census Bureau are consistent with the Shoppertrak data:
For June, "3.8 percent (±0.7%) above June 2006.
Total sales for the April through June 2007 period were up 3.9 percent (±0.5%) from the same period a year ago."
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