Making A Stand?
The consumer sector Monday, via the XLY, put in what could be a short-term tradeable low, which would be welcome for market participants. Perhaps this low will hold and give the ETF a chance into month end to get ready for a potential big start for the traditional Q4 run. Interesting that the XRT has recorded much bigger bursts higher in October-November, than the XLY over the same time frame. The XRT has gained an average of 12%, nearly double that of the XLY. In order for the XLY to have a nice year-end run of course AMZN and TSLA must cooperate most importantly, but MCD recorded its first 4-week losing streak since February-March 2022. HD and LOW round out the top 5 and each came into this week on a 6-session losing streak and are attempting to find some traction near their 200-day SMAs. BKNG looks the best here as it trades above the very round 3000 number, a must-hold. For the XLY as a whole, the 160 level must hold on a CLOSING basis.