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XLP (Consumer Staples) Breaking Down

XLP (Consumer Staples ETF) is in a precarious technical position, starting to break below both this short-term & long-term (primary trendline) as shown on this 4-year, 2-day period chart. Also note the negative divergences that were in place at the recent all-time highs in XLP back in January. While not an official trade idea at this time, XLP certainly offers an objective short entry here. Horizontal lines mark potential downside targets.

XLP 2-day period June 5th

XLP 2-day period June 5th

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Jun 5, 2015 9:44am|Categories: Equity Market Analysis|Tags: |Comments Off on XLP (Consumer Staples) Breaking Down