Market Recap For September 20th, 2022
Tuesday did not go quite as planned. Monday left a clear bullish tone, but that tone was nowhere to be found yesterday.
The major indices have traded within a narrow range over the previous three days, a range that will likely break today.
Yesterday’s Sector Performance
Tech and Staples held up best yesterday.
Real Estate took the biggest hits.
Five-Day Sector Performance
Discretionary has made its way to the top of the trading week.
Tuesday did nothing to help Real Estate, which still sits at the bottom.
ETF Trade Watch
Real Estate Select Sector SPDR (XLRE)
Consumer Staples Select Sector SPDR (XLP)
Markets appear set to break one direction or the other today, likely induced by the FOMC statement to be released around 2:00 eastern.
If weakness prevails, Real Estate’s XLRE could struggle the most. If a rally takes hold instead, it might be the XLP leading the way, fueled by Consumer Staples.
Good luck!