The Consumer Staples, tracked by the Select Sector ETF, $XLP, have been a benefactor of the appetite for stocks since late December. The sector has seen a nearly 18% move higher. And unlike the broader indexes it has held steady over the past 3 weeks. To some that is probably not a revelation, as the staples are a place to hide in times of trouble. But they has already moved to new all-time highs and are holding their.
The fact that the staples have not retrenched seems to point to strength more broadly with the broader indexes just resetting momentum as they react to headlines. A drop in the staples, even to just below the 50 day SMA might change that thinking. But that does not appear to be in the cards as of now.