The Discretionary/Staples ratio has been in a solid uptrend over the past 8-years, inside of rising channel (A), which sends a bullish message to the stock market. It has been especially strong in the past 2-years.

These rallies now have the XLY/XLP ratio at the top of rising channel (A), where a couple of weekly reversal patterns took place at (2). The price action over the past few weeks has NOT changed the overall trend-

Joe Friday Just The Fact Ma’am– If steep rising support breaks at (2), it would send a cautionary signal to stocks as momentum is at the highest levels since 1999!



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