XLY Ready for the next leg down?

XLY has rallied to and thru previous support on decreasing volume. It is currently oversold and retesting the previous swing high.

The main holdings in XLY are:
- Amazon
-Tesla
(these two make up over 35%)

-Home Depot
-Nike
-McDonald's
-Lowes
-Starbucks
-Target
-Booking
-TJX

Consumer disposable income is hovering around the Jan 2020 lows (fred.stlouisfed.org/series/DSPIC9 )
Inflation expectations continue to rise (www.clevelandfed.org...on-expectations.aspx)

As always, this is just food for thought!