Market Recap For September 22nd, 2022
Wednesday left no reason to be bullish going into Thursday’s trading. Sure enough, bears took control right out of the gate, and once again in the final hour.
However, with the first hour or so, stocks slowly pushed off their lows. Even though they rolled over into the close, it wasn’t an overly bearish day, although still bearish.
Yesterday’s Sector Performance
Healthcare and Services managed to pull out some green on Thursday.
Discretionary was hit the hardest, followed by Financials.
Five-Day Sector Performance
Consumer Staples are still on top of the weekly, almost finding green.
Discretionary stocks are now at the bottom of the pile.
ETF Trade Watch
Materials Select Sector SPDR (XLB)
Consumer Discretionary Select Sector SPDR (XLY)
Although markets held on better than most traders might have expected, they still ended up lower, and finished on a down note.
Assuming they head lower today, the Materials filled XLB and Discretionary XLY have been the weakest, so far this week.
Good luck!