According to @caprioleio, the Consumer Discretionary versus Consumer Staples ratio has broken above its 2021 highs, a setup that historically aligns with stronger equity markets as consumer cyclicals lead defensives, source: @caprioleio and Fidelity Investments sector rotation research. For trading, leadership of Discretionary over Staples is a classic risk-on signal that favors high beta exposure and tends to improve sentiment for crypto via the documented stock crypto co-movement since 2020, source: Fidelity Investments and International Monetary Fund research. Correlations are regime dependent but have increased in several periods post 2020, so a confirmed XLY over XLP breakout would be constructive for BTC and ETH if maintained, source: International Monetary Fund and Kaiko Research. A reversal back below the 2021 highs would negate the breakout and weaken the risk-on read-through to crypto, source: @caprioleio and Kaiko Research.