Courtesy of Chris Kimble.
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Basic Materials ETF (IYM) has recouped 50% of its recent swift decline and is hitting a few resistance lines at (1), as well as creating a rather bearish upside wick pattern, so far today.
When IYM broke key support back in 2008, that is when the broad market picked up downside momentum. Don’t let the price action of IYM going forward be overlooked!
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