The staples are vying to become the second “best” major S&P sector actor YTD, as the XLP is down 2.1%. To show the conservative nature of the market over the last one-week period, staples are the best actor basically UNCH and the next two behaved groups are utilities and real estate. The XLP now trades 3% off its most recent 52-week highs, better than the 5% that the XLE is currently showing (easily best S&P sector YTD). Below on the ratio chart comparing the XLP to the XLK (technology) which shows the two different, distinct paths they have been on. During a nice run for technology last October and November which witnessed the Nasdaq trade from the very round 14000 to 16000 numbers, it has since been acting in a very soft manner. Meanwhile, the XLP is digesting a nice 5-week winning streak between weeks ending 12/10/21-1/7. Of course, there will be laggards and many hail from the personal products space highlighted by EL off 20% already in 2022 and it needs to hold the very round 300 number here.