From the data, one would not come to that conclusion. Credit card delinquencies are on the rise as interest rates remain heightened. But remember PRICE action usually sniffs out what may be coming down the road well before the backward-looking stats will alert us. And the chart of the XLY looks like it has caught its breath after the current 4 of 6-week losing streak. Tuesday it was the best-performing major S&P sector as it is now back to tackling its 50-day SMA, to the upside. AMZN has filled in its gap and looks well rested and TSLA is higher by more than 7% this week heading into just Wednesday after last week jumped more than 10% (solid relative strength as the XLY added just 1.2% last week). The top-heavy XLY is now only 5% from its annual highs, while the more “equal-weighted XRT is 16% off its own 52-week high. The XRT is on a current 4-week losing streak, with volume increasing with each successive week, after the disasters of DKS and FL to name a few. As always evaluate each individual stock based on its own merit.