I profiled the homebuilder weakness over the weekend, and looking at the updated daily chart you can see a check-back to the busted neckline of the major topping pattern.
That retracement and kiss of the neckline has now led to further weakness, adding credence to the bear case, despite the many false tops and bear traps the market has offered up since 2013.
With declining 50 and 150-day moving averages, bears are now waiting for the 200-day moving average to start turning lower to cement the case for a multi-year bullish-to-bearish reversal.
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