Consumer discretionary ETFs have consistently outperformed the S&P 500 the past few years as retailers and consumers recover after the financial crisis.
For example, Consumer Discretionary Select Sector SPDR (NYSEArca: XLY) was making new all-time highs back in 2011 well before the S&P 500 and other major U.S. equity benchmarks.
However, the relative underperformance of XLY the past couple weeks has caught the attention of some technical analysts as a potential warning sign. [Retail ETFs Hit Record Highs as Consumers Turn Upbeat]
The consumer discretionary ETF was lagging again on Monday, said Investors Intelligence analyst Tarquin Coe in a newsletter.