Asset Watch
Tuesday, October 17, 2023
The stock’s 200-week moving average has been a major support level since mid-to-late 2022, and a close below the milestone occurred in March 2023 before a profound rally. Similarly, Home Depot closed below its 200-week MA two weeks ago, and an intraweek rally above it was rejected last week.
If Home Depot can recoup its 200-week MA during the homebuilders’ next upswing, it could encourage a move back above $330.
So, is Citigroup on to something, or will higher U.S. Treasury yields continue to hammer Home Depot?