Last week we looked at the weekly chart for the consumer discretionary sector. Friday’s rally to top off a strong week for the bulls added credence to the idea of a mere bull market pullback since mid-September instead of a fresh cyclical bear market. Turning to the comparable retail sector, you can see the sector ETF weekly timeframe below indicates a similar setup. All major weekly moving averages are lined up smartly and, more importantly, clearly rising. That will eventually prove to be a false signal when we do arrive at “the top” of the 2009-present bull market, just as it did back in mid/late-2007. But based on the weekly chart price action here there is not yet a discernible topping pattern–Just a rather orderly pullback for two months. Watch for more upside follow-through in the coming weeks above $65.50.
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I keep watching, DDS Dillards it kept rising during the selloff, and DSW.which had short interest but just rocked upward on earnings, maybe more to squeeze, could be a entry on pullback.