Eoin Treacy's view The original list of Autonomies I produced in 2011 was dominated by companies that offered exposure to the growth of the global consumer. The global population has moved from being mostly rural to mostly urban in the last few years and the number of people with disposable income is increasing at an even faster rate. These types of companies have been among the best performers in absolute and relative terms over the last few years and have for the most part experienced a process of mean reversion over the last few months.

The SPDR Consumer Staples ETF is heavily weighted by Procter & Gamble (13%) and Coca Cola (10%). It has at least paused below $42.50 and a process of mean reversion is underway. However this performance of the ETF masks the already mature pullback that has been underway in the broader sector.

At the present moment, McDonalds, Diageo, SAB Miller, Anheuser Busch InBev, Heineken, Pernod Ricard, Coca Cola, Nestle, Unilever, Mondalez International, Danone, Ingredion, Kerry Group, McCormick, Herbalife, Procter & Gamble, Kimberly Clark, Colgate Palmolive, Uni-Charm, Hengan International, Estee Lauder and Christian Dior are trading in the region of their respective 200-day MAs. If their medium-term uptrends are to remain consistent, they will need to continue to firm in this area. As you will see from the above charts, the majority have at least firmed this week.

Starbucks, Amazon, NuSkin Enterprises and DSM stand out as relative strength leaders and are close to their highs or breaking out.