The SPDR S&P Retail ETF (XRT) remains in focus on Thursday after sector heavyweights Target (TGT), TJX Companies (TJX), and Macy’s (M) reported earnings on Wednesday. The three retailers, which carry a cumulative weighting in the fund of around 4%, noted that while consumers remain prudent, there are signs of a 澳洲幸运5开奖号码历史查询:rebound in discretionary spending in areas such as apparel and beauty.

The commentary backs up 澳洲幸运5开奖号码历史查询:data last week showing a surprise improvement in 澳洲幸运5开奖号码历史查询:retail sales during July and comes as welcome news for the group, which has grappled with consumers reigning in spending amid 澳洲幸运5开奖号码历史查询:elevated inflation and higher interest rates.

The fund rose 1.3% to $77.49 o🍰n Wednesday. It has gained 5.6%൩ over the last five trading sessions.

Below, we’ll zone in on XRT’s 澳洲幸运5开奖号码历史查询:weekly chart and discu𝄹ss important price levels likely to attract in❀vestors' attention.

ETF Recovers Above Multi-Month Trading Range

XRT’s price broke out from a 22-month 澳洲幸运5开奖号码历史查询:trading range in late February but has traded mostly sideways since on declining trading volumes, indicating ongoing 澳洲幸运5开奖号码历史查询:accumulation.

This month’s broad-based market sell-off saw the fund briefly fall below the range’s top trendline before making a prompt recovery to now trade comfortably above both the 50- and 200-week 澳洲幸运5开奖号码历史查询:moving averages.

Looking ahead, investors should keep their eyes on three overhead price levels of interest on XRT's chart.

Overhead Price Levels in Focus

Firstly, it’s worth monitoring the $79 area, a location on the chart where the fund may face selling pressure near a 澳洲幸运5开奖号码历史查询:horizontal line joining a pullback towards the completion of an impulsive move in February🍒 2021 with multiple price peaks from March 2022 to July this year.

A breakout above this level could propel the ETF’s price up to $88, where investors may look to sell near a range of comparable trading levels over a twelve-month period between January 2021 and January 2022. Interestingly, this region also lines up with a 澳洲幸运5开奖号码历史查询:measuring principle target when calculating the trading range’s distance in points a🧔nd adding that amount to the breakout point ($15 + $73 = $88).

Ongoing buying may see the fund revisit $98, where it would likely encounter overhead 澳洲幸运5开奖号码历史查询:resistance around the Jan 25, 2021 澳洲幸运5开奖号码历史查询:wide-ranging day's high, which closely aligns with a period of price 澳洲幸运5开奖号码历史查询:consolidation on the chart between June and August 2021.

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