Tuesday afternoon, the major stock indexes came under some selling pressure. The retail sector has been one of the leading industry groups that have been very strong in 2012. Yesterday, the popular and highly followed Market Vectors Retail ETF (NYSEARCA:RTH) is declining lower by 0.53 cents to $45.19 a share. The RTH is now tagging the daily chart 20-day moving average which has been important support since early August 2012. Traders should note that this moving average is now minor support on the charts since it was recently pierced last week.
Often, the more a moving average it tagged or penetrated the weaker it will become as a support level. Traders should watch for better near-term support around the $44.00 level.
Some leading retail stocks that declined lower Tuesday afternoon include Home Depot Inc (NYSE:HD), Costco Wholesale Corp (NASDAQ:COST), Target Corp (NYSE:TGT), and Lululemon Athletica Inc (NASDAQ:LULU). The only retail stock that looks to be positive today is J.C. Penney Co Inc (NYSE:JCP).