Description
⋅ XLP has had horrific downside price action over the last several weeks.
As it approaches the Weekly 200 MA I do anticipate a bounce to occur.
Not many sectors are near the weekly 200 MA.
Buying this at the Weekly 200 MA has proven to be a great long term entry for investors.
If a bounce occurs and bearish consolidation on the weekly chart occurs, this sector will likely be a good short side play.
I would never short this sector now since its had a big decline. A bounce is more favourable at this point.