Friday, March 09, 2018
BTFD For Consumer Staples?
Maybe the signing of the Tariff Law had something to do with this although in reality it should be having the opposite effect if Trump understood the kind of refined products his country makes rather raw resources, but Consumer Staples ETF XLP is showing some life. We have a break in the sharp trend line as well as a buy signal on one of long-term indicators. XLP also makes these episodic dalliances below the MA(144) to power ahead for a while on longer term charts. It is an awkward pattern I'll admit but it feels like a good move and I think yesterday confirms that. I expect overhead resistance to be somewhere around $56.40.