XHB (SPDR S&P Homebuilder Equity ETF) – 8.17.23
*The XHB is forming a massive 18 month double top (R1, R2).
The ETF is failing at resistance (ref $85) with confirming negative momentum (M1).
I think the current set up is very bearish with additional downside likely.
I would focus on an initial downside target of $77.50 (highlighted below).
This level was key previous support and is currently positioned directly between the 50dma (ref $80.84) and the 100dma (ref $74.96).
