The consumer space via the XLY was the second-best major S&P sector out of 11 Monday, trailing just energy (both CLOSED near the UNCH mark). That action was a welcome sign for the bulls within as the space has been punished. Over the last one week period, the XLY was the worst of 11, and over the last one month and one year period, it is the second-worst behaved. Carnage within the arena over the last several months has been rampant. And the generals were executed. LULU, even after today’s 25 point reversal off the very round 300 number still leaves its one-third off highs made on 11/16. CMG has declined 12 of the last 17 weeks, RH before Monday’s U turn it was halved and DPZ completed a bearish 3 black crows formation falling 25% over the last 3 weeks. Which begs the question was Monday capitulation or just a common violent countertrend move within a bear market? All we can do as technicians are base our decisions upon the PRICE action in front of us. Below the bullish engulfing candle on the XRT and the intraday lows from today, albeit far away, can be played constructively to the long side.