Not a pretty day for the market as we see levels of support breaking down in the major indices as well as gold and various sectors. What has stuck out to me this morning has been the destruction in the retail space. Companies like Home Depot, Amazon, Under Armour, and Starbucks are really taking it on the chin (at least as of the time of this writing).
We are seeing more money move out of staples relative to the overall retail index which is showing a slight divergence from the overall market. the relationship between the two is creating a larger new low, which as many of the other charts I’ve been talking about, does not bode well.
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