This morning, many of the leading retail stocks are coming under some early selling pressure. It is very important to follow the retail sector because it is usually a decent gauge for U.S. consumer spending. Remember, the spending by the U.S. consumer accounts for roughly 70.0 percent of the gross domestic product (GDP) in the United States. Today, the weak retail stocks are telling us that consumer spending is waning.
Some of the leading retail stocks that are declining today include The TJX Companies, Inc. (NYSE:TJX), Wal-Mart Stores, Inc. (NYSE:WMT), Sears Holdings Corp (NASDAQ:SHLD), and Kohl's Corporation (NYSE:KSS). Short term day traders should watch for intra-day support on TJX stock around the $58.60 level. WMT stock should have decent intra-day support around the $70.00 level. Both of these stocks could see intra-day bounces from these levels.