Housing Stocks Could Be Trying To Turn: Chart of the Day

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Homebuilders have pulled back following a big rally. Now the chart could be lining up for another move to the upside.

The Philadelphia Housing Index has been finding support at its 100-day simple moving average for the last two weeks. It’s also been holding a price zone around 460. That’s potentially significant because it was a peak on March 17 and then a consolidation zone March 26-30, before prices broke out to new highs.

Those are longer-term patterns. Two other signals …

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Philadelphia Housing Index, daily chart with selected patterns, courtesy of TradingView.
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