$XLP: TIME FOR DEFENSIVE PLAYS

XLP: The sideways trend range that has lasted for over a year could be completed with a TZZ wave pattern. While the latest ZZ wave (C) fell somewhat short of wave (A), the weekly hammer candlestick, which has allowed it to recover above the 200-period simple moving average, is promising. There is a lot of upside work to be done to declare the TZZ completed, but given its sector's worst year-to-date performance, a rotation into defensive stocks would certainly propel this ETF higher.