Stubbed Toe:

The footwear space has seen some strong and soft moves in 2023. Best in breed DECK stormed through the very round 600 number, which I thought it would not do, and is now bull flagging. SKX is trying to distance itself from the very round 50 number which has been a thorn in its side since mid-August. CROX a former general in the group is now 44% off most recent 52-week highs and has not recorded a single 3-week winning streak in 2o23 thus far. Newcomer BIRK is one to keep an eye on as it is too early to form a proper base. ONON reported earnings this morning and it fell more than 3% and is now on a 5-session losing streak and it has now CLOSED lower 4 of its last 5 earnings reactions. Below is the chart of NKE, a top 5 holding in the XLY, and it is making a bearish habit of CLOSING at lows for the daily range, now doing so for 5 straight sessions. It may need some time to cool off after a nice recent run and let the rising 50-day SMA catch up in PRICE near par. 

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