According to analysts at Fairlead Strategies, the recent pullback in consumer discretionary stocks presents a buying opportunity. The sector, represented by the Consumer Discretionary Select Sector SPDR Fund , is currently range-bound within its cyclical bull trend.
The firm believes a bounce is underway and is likely to extend in the near term, supported by a counter-trend rally in Tesla . Minor resistance is noted near $180, with more significant resistance around $185 from the March high. Key support for XLY is around $170. Despite recent downside momentum relative to the S&P 500 , Fairlead Strategies suggests using the pullback to add exposure to consumer discretionary stocks emerging from corrective phases.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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