Market Recap For September 27th, 2022
Downside pressure continues to hold serve, even as markets continue to try to muster up rallies to start off this week.
Until a rally can hold and push higher for longer than half of a day, expectations should continue to be for lower prices.
Yesterday’s Sector Performance
Energy finally rebounded yesterday, although it may be short lived.
Consumer Staples took the bigger hits, followed by Utilities.
Five-Day Sector Performance
Thanks to Staples rough Tuesday, Healthcare is now at the top of the week.
Energy, even though it performed well on Tuesday, still sits at the bottom.
ETF Trade Watch
Consumer Discretionary Select Sector SPDR (XLY)
Technology Select Sector SPDR (XLK)
Even though it would seem markets want to press higher in the near term, traders should be aware that a rally is likely closing in.
When the time comes for markets to turn around, the XLY and XLK likely give the best opportunities for bullish trades.
Good luck!