Consumer Discretionary should be considered on watch for a downgrade but we have not yet been able to pull the trigger. Good performance from mega-caps, improving retail sales, stable operating margins, weak commodity trends, stabilizing breadth, and mixed relative strength trends are all reasons we have not been able to get bearish on the sector. The most important of these factors, in our view, has been the support from the MACH (McDonalds, Amazon, Comcast and Home Depot) group. Should these mega-caps underperform, the whole sector will most likely underperform.
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