Consumer Staples Sector Update for 04.13.2008

SELECT SECTOR SPDR CONSUMER STAPLES ETF - XLP

Monthly chart shows price to be below backend resistance. No clear pattern evident on this timeframe.

Weekly chart shows bears came back into the market last week, as they took back all the gains made by the bulls the week before.

Daily chart shows price below the 8ema, but just above the 200sma. The last move up off the January 22, 2008 low shows an abc 3 wave pattern which completed two weeks ago. Look for a test of the current low as likely.