Saturday, March 08, 2008

Consumer Sector Update for 03.08.2008

SELECT SECTOR SPDR CONSUMER STAPLES ETF - XLP

Monthly chart shows price in small consolidation range. Price is currently below the 8ema, but the moving average ribbons are intact for now.

Weekly chart shows indecision between the bulls and the bears. On this timeframe, price is below both the 8ema and the 34ema. Look for a test of the January low for now.

Daily chart shows price below all key moving averages. Price action indicates indecision between the bulls and the bears. Pattern suggests a re-test of the January low.

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