The Consumer Discretionary Select SPDR ETF is On the Verge of a Negative Technical Signal
by Michael Paulenoff, Precision Stock Picks
The consumer discretionary ETF (NYSE:XLY), and many of its component names such as Home Depot (NYSE:HD), Lowe’s (NYSE:LOW), Comcast (NYSE:CMCSA), Ford(NYSE:F), and Starbucks (NASDAQ:SBUX), saw a great deal of pressure Wednesday and Thursday (20-21 February). XLY is poised to put in a significant WEEKLY downside reversal after climbing nearly 11% during the first 7 weeks of 2013. Is this a sign of consumer fatigue? What are the wider implications should this occur?
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