Mega-Cap Consumer Index Faces Significant Long-Term Resistance
The Morgan Stanley Consumer Index faces significant resistance in the chart below represented by line (1), which dates back 15 years, as well as 161.8% Fib expansion resistance formed off its 2007 highs and 2009 lows.
This index is composed of mega-cap consumer companies such as KO, MCD, PEP, PG, etc.
At a min, would expect near-term pressure in shares of these companies given this resistance combo.
Big upside in store if the resistance is taken out.