It seems like an eternity ago, but Consumer Staples were the belle of the ball in December 2022. The sector was breaking out to 30-month highs relative the rest of the S&P 500, and that reign looked set to continue with a presumed recession on the horizon.
Then came January.
That breakout became a failed move, which sparked a steep selloff and, ultimately, a full-fledged trend reversal. Now Consumer Staples is at multi-year relative lows.