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The only major sector to close higher on Thursday was the Consumer Discretionary sector and ETF XLY. The still-rising 200-day MA was violated this week and now stands at $30.57 with the declining 50-day MA at $32.63. So far, the major 38.2% support level at $28.40 is holding with the 50% support level at $26.00. Clearly it will take some time and positive price action to turn the daily chart back to positive, but it is surprising that this sector is holding up despite the deteriorating consumer confidence.
Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.
