Consumer Staples is often looked at as a boring, but defensive sector. I have been rotating into some more consumer staples, and eyeing the XLP (consumer staples ETF). I have discussed individual names like JNJ, MCD, PM, SBUX, and WMT. I missed PG though! I would like to include Costco $COST to that list.COST Daily Chart(click to enlarge)Sideways Consolidation:- Costco's daily chart shows us that COST has been consolidating since mid-September, aligned with the general equities market downturn.- However, we can see that price now (around $226) is still significantly above the 2018 low around $176 a share.- The long-term trend is still bullish, even if we expect a significant period of consolidation in 2019. - Currently there is a common support around $217. But I think price will break lower. - If it does, I would monitor the $198-$202 area (around $200) for support.- I would also like to see some bullish divergence between price and the RSI when price gets to this area. - Note that this area around $200 is a key pivot area, which use to be resistance, and could now act like support IF COST is indeed still bullish. - A break clear break below $200 with subsequent failure to come back and hold above $200, opens up the $176-$180 area, and would suggest a bearish or at most a sideways market going forward.