Watch XLP January 18 to 20
One of the very many factors that indicate the broader US stock market could be at a significant top is the SPX sector ETF - XLP. This ETF is Consumer Staples one of the nine SPX main sectors.
XLP represents the bluest of blue chip stocks and usually the very last stocks to make a top in a bull market. This sector has been lagging the broader market for months, a very bearish sign.
XLP also has a very clear five waves down , followed by what appears to be a three wave correction under construction. The supposed wave "C" up could be complete in the next one to three trading days, January 18 - 20.
Watch XLP, if it tops in the price zone this week it could signal the beginning of a very sharp and deep decline of the broader US stock market.
Mark
XLP represents the bluest of blue chip stocks and usually the very last stocks to make a top in a bull market. This sector has been lagging the broader market for months, a very bearish sign.
XLP also has a very clear five waves down , followed by what appears to be a three wave correction under construction. The supposed wave "C" up could be complete in the next one to three trading days, January 18 - 20.
Watch XLP, if it tops in the price zone this week it could signal the beginning of a very sharp and deep decline of the broader US stock market.
Mark