Wear and Tear:
The footwear space inside discretionary is seeing plenty of differing action. ONON, which Roger Federer has an 8% stake in, is one of the better performers. ADDYY, another strong European name, was stopped at the very round par number on 6/22 and has since completed a bearish island reversal with the gap down on 7/6 (after the gap up on 6/9). Below is the chart of DECK another leader that may be exhibiting some tiring behavior. It is off just 3% from its most recent 52-week highs and one can see the bearish evening star pattern completed on Thursday (its WEEKLY chart would show a bearish shooting star from all-time highs). On the other hand we have NKE which is still lower YTD, and of course BIRD which has been a huge disappointment, after trading above 30 when it came public in late 2021 and now trades with a 1 handle, not a typo. WWW can be thrown into the laggard category, 45% from its highs made last August. This is its second week CLOSING hard upon its lows for the WEEKLY range as it break below a bearish rounded top. Single digits should be coming later in 2023.