Market Recap For October 29th, 2021
Disappointing earnings sent stocks lower right out of the gate on Friday, but the decline was short lived.
Friday’s close was a bullish one, and it implies that the start of this coming week will see a continuation of the rally.
Yesterday’s Sector Performance
Healthcare was the top performer on Friday.
Real Estate did not take part in the end of week rally.
Five-Day Sector Performance
Consumer Discretionary ended up winning the week.
Financials were not as lucky, finishing at the bottom.
ETF Trade Watch
Healthcare Select Sector SPDR (XLV)
Consumer Discretionary Select Sector SPDR (XLY)
Markets seem to be getting stretched, but that can go on for quite a while. If it does, it would seem Healthcare and Consumer Discretionary plan to lead the way.
When looking at the chart of XLY, it looks extended, but nothing says it can’t move even higher. The XLV may be making a move towards its all-time high.
Good luck!