XLY set to decline

Short

SPDR Select Sector Fund - Consumer Discretionary (AMEX:XLY)

Updated

AMEX:XLY SPDR Select Sector Fund - Consumer Discretionary

* Failed 2u on quarterly; still time to go outside quarter
* Failed 2u on monthly; out of time to go outside, but negative momentum
* Clear rejection of bearish trendline on weekly chart. No real support until it falls to 127 (currently 143.66)
* Daily chart shows bulls mounted one more challenge to the trendline but that failed even harder. “If markets try to do something twice, it usually then tries the opposite” (I think this is an Al Brooks quote)

I am STRONG BEARISH on this

Comment:

NOTHINGburger so far.
2% higher than it was 2.5 months ago.
April was an INSIDE month.

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