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One industry sector ETF that has shown relative strength since the broad market began its decline off the September highs is S&P Homebuilders SPDR ($XHB). Trading near its five-year high, $XHB only briefly “undercut” horizontal price support in mid-November, right before the major indices formed a near to intermediate-term bottom. Since then, price action has been choppy and seemingly noncommittal. However, $XHB is starting to form a “pennant” formation that could soon lead to a breakout to another new five-year high…

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