Market Recap For September 24th, 2021
As anticipated, major indices inched slightly higher on Friday, after spending most of the day in the red.
Last week ended on a day of indecisiveness. The rally that started on Monday is still intact, but whether it will continue is another story.
Yesterday’s Sector Performance
Energy’s winning streak continued into Friday.
Real Estate got hit hard considering the market closed in the green.
Five-Day Sector Performance
Not surprisingly, Energy ended up leading the week.
Friday’s underperformance helped push Real Estate to the bottom.
ETF Trade Watch
Real Estate Select Sector SPDR (XLRE)
Energy Select Sector SPDR (XLE)
The price action over the past month on the XLRE has a bearish look to it. A break of the support area could signal another leg lower for the ETF.
On the other side is the XLE, which recently took out its resistance area and appears to want to head higher than current levels.
Good luck!