Today’s Chart of the Day was shared by Steve Strazza (@sstrazza). Consumer Discretionary is now the weakest sector year-to-date, down 32.5%. This is an extremely important sector for both the Stock Market and the Economy because it reflects the appetite for consumption. Steve points out that it's down 20% vs. the S&P 500 for the first time in more than a decade. The past two times that Consumer Discretionary entered into bear market territory on a relative basis like this were in 2007 and 2000. Both instances marked major tops in the S&P 500. Could Discretionary stocks once again be hinting at further pain for the S&P 500?
Chart of the Day - Tuesday, May 24th, 2022
May 24, 2022
