NYSE:XME S&P Metals & Mining ETF: Testing some key technicals

by Josh SPDR S&P Metals & Mining ETF ($XME) is testing the downward channel shares have been trading in since March. Shares of the ETF breaking above the prior resistance channel today. Volume has been slightly above average today with 3,733,000 shares traded hear toward the end of the trading day.

The chart is also setting up a very loosely defined inverse head and should pattern as depicted on the chart.

XME shares are currently at $37.34, trading above the 50 day ($35.13), and below the 200 day ($39.74) moving averages.

52 Week Range $31.83-$48.26 Market Cap 537,416,584 Average Volume 3,079,210 Dividend Yield 1.67% Institutional Ownership 0.00% Insider Ownership: 0.00% Percentage of Float Short 18.60% Beta 1.80

The investment seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index derived from the metals and mining segment of a U.S. total market composite index. In seeking to track the performance of the S&P Metals & Mining Select Industry Index (the “index”), the fund employs a replication strategy. It generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index. The index represents the metals and mining industry group of the S&P Total Market Index (“S&P TMI”). The fund is non-diversified.

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