Consumer Discretionary Select Sector SPDR Fund ($XLY) Short

XLY is the ticker symbol for the Consumer Discretionary Select Sector SPDR Fund. It is an exchange-traded fund (ETF) that invests in companies that are part of the consumer discretionary sector, which includes companies that sell non-essential goods and services such as retail, media, travel, and leisure. Its top holdings are: AMZN, TSLA, HD, NKE, MCD, LOW, SBUX, BKNG, TJX, $TGT.

On Wednesday, 3/15/23 someone bought the 4/21 130P 10,000x at $2.39. The ETF has retraced below all prior support and resistance levels and struggling to make new highs that were seen in the beginning of February. Its current support is 135...which does not look very healthy. It is currently approaching 142.15 resistance level that a rejection will show a continued downward bearish trend channel..... A break below 135 will see a demand zone at around 127.50, but if that doesn't hold, we are looking at <125.