[pcabc]

US Consumer discretionary versus Staples

I've seen this used as a plot for market breadth.  We've had a decline since December 2021 - with the stop preceeding the S&P500 top by about a month.  The falling trendline was broken a few weeks back, but we are now falling from a new top above that previous trendline. I wonder if that trendline will now be support meaning things are still weak but perhaps not terrible?  Perhaps it leads weight to the argument that we indeed have had a bottom.  Perhaps things will remain weak but a precipitous drop is less likely.  Frankly I'm unsure but thought it was an interesting chart.

   



The chart is the last 2 years, the date axis is way off the edge of the image.