“Wiping” Up Bears:
As “strong” as the staples have been in 2022, as they are the second-best major sector of 11 but still lower by 3% YTD, some names never got the memo that they should be acting better. The personal products sub-sector within the group has been the softest thus far. Stocks like EL are down 44% and perhaps this week’s bullish hammer candle at the very round 200 number will stem the tide somewhat. SPB is currently 58% from its annual peak and SAM looked poised to break above a bullish inverse head and shoulders formation pivot of 400 to a measured move of 500 (as its trough was at 300) now looks in jeopardy with the reversal midweek. Below is the chart of another name that was left behind in CLX. That may no longer be the case as it has advanced 14 of the last 15 sessions and as of Thursday, it was above its 200-day SMA for the first time in more than 10 months. The WEEKLY chart sports a bullish diamond pattern, so it is good to witness bullish action on different timeframes.