As the Pandemic progressed, Consumers began to spending on Durable Goods, Home Improvement, Electronics and a host of additional Products to improve their nesting conditions.
This dynamic applied to Americans who remained employed through "Stay at Home" Measures.
Lower Income Consumers paid down Debt and began Investing via WeBull, CoinBase and Robin Hood. Online gambling began to increase markedly.
Rents were abated through moratoriums on Real Estate.
Stimulus measures provided Income substitution effects, why work when you are assure $600 per week for one year.
Demand was brought forward for a number of Sectors.
It is now declining.
Consumers purchased new Computers, Phones, Tablets and peripherals.
White goods and Construction Materials were extremely strong for 16 months.
Demand has been sated, the Economy has been contracting for a number of months.
On sector Watch:
XLE XLU XLK XLB XLP XLY XLI XLC XLV XLF XLRE
Breadth should be closely monitored in each of these Sectors as it is in decline once again.