All Decks on Hand:
The consumer space with no question has been buoyed by the strength in both AMZN and TSLA making the group the best-performing major S&P sector of 11 by a wide margin up 12%, doubling that of the XLC. The daily chart below of the RSPD confirms this thought. Sure it is extended on the WEEKLY chart from the break above the double bottom pivot right at the very round 50 number and with last week’s bearish engulfing candle it would be healthy to fill in the gap from the week ending 11/22, about 1% from today’s PRICES. Some other high-profile names in the space like a COST, which has been recording some dubious candlesticks at the very round 1000 number including a gravestone doji candle on 12/11, a long-legged spinning top on 12/13, and a shooting star on 12/16, may weigh on the space in the short term (4 sessions prior too Tuesday were all above 1000 and zero CLOSED above it). Others like MCD even though trading sideways for a couple of months and sporting a double bottom with handle pivot at the very round 300 number notice on the ratio chart it slumping versus the XLY.