Market Recap For December 15th, 2022
Yesterday’s forecast was for a likely lower move in stocks. Once the key levels gave way, the rest was history.
Additional levels fell towards the close, which implies the larger market forces are still taking stocks lower, as expected.
Yesterday’s Sector Performance
Albeit still in the red, Energy stocks held up better than others.
Technology and Services were hit the hardest.
Five-Day Sector Performance
Energy has made it back to the top of the weekly list.
Materials have not held up nearly as well.
ETF Trade Watch
Communication Services Select Sector SPDR (XLC)
Technology Select Sector SPDR (XLK)
Markets appear to have started the next leg lower in the ongoing bear market. Only an S&P move back above 4100 could alter that forecast.
As stocks work their way lower, the Tech and Services space will probably be the best short plays, and that brings the XLK and XLC to the forefront.
Good luck!