There are, however, signs of hope for XLY and other discretionary ETFs.
Steven Pytlar, chief equity strategy at Prime Execution, told CNBC the ETF is making a higher low and volume has been supportive on that move.
Additionally, PBS is up 2.5% in the past month, indicating some investors are again scooping up media stocks. [Media ETFs Have Plenty of Hedge Fund Faves]
And just eight Dow stocks are up at least 5% this year. Two of those names are Walt Disney (NYSE: DIS) and McDonald’s (NYSE: MCD). XLY’s second- and fifth-largest holdings combine for 11.7% of the ETF’s weight.
Consumer Discretionary Select Sector SPDR
ETF Trends editorial team contributed to this post. Tom Lydon’s clients own shares of Amazon.