XME...the SPDRs S&P Metals and Mining ETF

The Chart of the Day is a look at the XMEs...the metals and mining ETF.  It is testing resistance at the very important $20 level.  This was a clear level of resistance from August through July.  It failed again there this past Monday.  A potential trading strategy here would be to go short if it can't break through $20 and then breaks the recent uptrend.  Another strategy would be to wait until it breaks $20 and then go long.  For example, buy it if it gets to $21 and then use $20 as a stop out level.