The technical outlook for homebuilders stocks and ETFs is similarly buoyant, which could be a sign the rallies in ITB and XHB are in their nascent stages.
“Technically, indicators such as on-balance volume and moving averages are bullish. The index even set a new two-year high relative to the Standard & Poor’s 500, so the sector is doing all the right things,” reports Michael Kahn for Barron’s.
Market observers will have to wait until August 20 for the July existing -home sales figure and watch for the new-home sales data on August 25. Texpanding economy has helped improve the labor market, which has added an averaged 235,000 jobs per month over the past three months, with unemployment now at 5.3%, its lowest level in over seven years. [Great News for Homebuilders ETFs]
SPDR S&P Homebuilders ETF
