Market Recap For October 18th, 2021
Right on cue, markets pulled back, as we suspected they might, but then rallied overall higher, which is in line with our forecast.
With the S&P and Nasdaq holding over key levels, it would seem that further highs are on deck before a meaningful consolidation occurs.
Yesterday’s Sector Performance
Consumer Discretionary led the day, once again.
Utilities also finished at the bottom, once again.
Five-Day Sector Performance
Thanks to a couple of leadership days, Consumer Discretionary now leads the week.
All sectors are in the green, but Consumer Staples is the laggard, with Healthcare.
ETF Trade Watch
Technology Select Sector SPDR (XLK)
Consumer Discretionary Select Sector SPDR (XLY)
Markets seem to be in a full-steam-ahead mode, one that looks like it will ultimately lead to new all-time highs.
If the past few days mean anything, Technology and Consumer Discretionary stocks plan to lead, as will the XLK and XLY.
Good luck!