Sunday, October 21, 2007

Consumer Staples

THE CONSUMER STAPLES SELECT SECTOR SPDR - XLP
This ETF is designed to mirror the price action of the S&P Consumer Staples Index, which consists of a diverse group of 37 different stocks - primarily retail stores and companies that supply many of the products that these stores sell.

Monthly chart currently shows resistance at the double top. Move up into test of prior top at $28.96 was made with divergence in momentum indicator.

Weekly chart shows that while buyers tried to take the price higher, they were met with sellers. Price currently below backend resistance.

Daily chart shows reverse cradle pattern - indicating more bearishness.

S&P CONSUMER STAPLES INDEX - $PXV


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