One chart that is most concerning is the Basic Materials Select Sector ETF (NYSEARCA:XLB), which tracks one of the weakest S&P 500 large-cap sectors and has now surrendered all year-to-date gains today.
Top-weighted XLB holdings include Monsanto (NYSE:MON), DuPont (NYSE:DD), Dow Chemicals (NYSE:DOW), Praxair (NYSE:PX), Freeport-McMoRan Copper and Gold (NYSE:FCX), LyondellBasell (NYSE:LYB), Ecolab (NYSE:ECO) and International Paper (NYSE:IP), to name a few.
When you look at the volume and the waterfall decline every day this week, it is the poster child for what I expect to happen not only in nearly every major sector and sub-sector, but in the market as a whole in the short term, and especially going into the end of month.
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