Staples Leading

Staples are coming up on resistance again. As I discussed in The Bear Pill back in December, staples and utilities peak after the market is already in a bear market. In relative terms, they usually begin outperforming as soon as the bear market is getting underway. They also outperformed during the Fed's last two tapers and after QT got going in 2018. Relative peaks in staples also came at or near bottoms in bear markets:

When staples finally rollover (along with utilities) it will be "obvious" that this is a bear market.