The PHLX Housing Index (HGX) rose to 250.00 this morning to meet our upside target first mentioned in our February 23rd Keys To this Week report, capturing a 19.00 point, 8.2% advance in just a little less than 6 months.
Here is the chart from our February 23rd report.
Here is the current chart updated this morning (August 18th).
Although the trend in housing is clearly positive, longs are now cautioned as corrective declines often begin once initial price targets are met, driven by profit taking.