Consumer Staples, Utilities and Real Estate are showing similar consolidation pattern on daily charts.
Relative Strength and Momentum
XLU and XLRE have crossed above 10 DMA of relative comparison to S&P 500, while XLP is about to cross the same. XLP is above 61.8% while XLU and XLRE are just below 61.8% retracement of last major swing. RSI for all three sectors is in bullish zone around 60. MACD has given a positive cross over in all three sectors and in positive zone above zero in XLP and XLU.
Short Term (% stocks >20 MA), Medium Term (% stocks >50 MA) is bullish for all three sectors. XLU and XLP have good Long Term breadth (% stocks >200 MA). XLRE is at 26%.
However 200 day moving average is a major overhead resistance zone.
Some more sideways movement with formation of right shoulder will be a possible completion of inverted head and shoulder continuation pattern.
Breakout and restest of this pattern along with strong close above 61.8% and a break of 200 DMA will be bullish for all three sectors.
XLP – Consumer Staples
XLRE – Real Estate