The S&P 500 has been hitting new all-time highs for a week now, but somebody forgot to tell the airline industry. The U.S. Global Jets ETF JETS 0.76% remains down 6.4 percent so far in 2016 and is up against some short-term technical resistance.

In a little more than a month’s time, JETS has done a round-trip from $23.52 down to below $20 then back up to the $23.50 level. The recent dip below $20 was the ETF’s lowest point since last August’s flash crash. If JETS wants to re-test its long-term resistance at around $26, it will need to break significantly above $23.50 in coming days.

If a breakout doesn’t happen, not only is the ETF in danger of dipping back below $20, its support line appears to be sloping…

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