This morning, the leading retail sector is coming under some selling pressure. The important and highly followed Market Vectors Retail ETF (NYSEARCA:RTH) is trading lower by 0.20 cents to $43.80 a share. Last week, the RTH made a new 52 week high and remains very strong on the charts despite today’s small decline. Short term traders should watch for intra-day support around the $43.60 level.
Some leading retail stocks that are declining lower today include Lowes Cos Inc (NYSE:LOW), Best Buy Inc (NYSE:BBY), Lululemon Atheletica Inc (NASDAQ:LULU), and Dollar Tree Inc (NASDAQ:DLTR). The retail sector remains one of the most important industry groups that traders can follow. Should this industry group begin to correct traders should be on guard as this could affect the entire stock market. Consumer spending accounts for roughly 70.0 percent of the gross domestic product (GDP) in the United States.