Bullish / Bearish action in the Staples Sector

Consumer Staples – The XLPs closed back above the important $53.50 level.  The action was unusual.  It shows that money is flowing into this sector because it is a defensive play.  People will always need staples regardless of how the markets are doing so this shows bearish sentiment for the overall markets.  $53.50  is an important level because it was support in February and March, and resistance in April.  It was also the bottom of the range since August before it was broken.