Market Recap For November 8th, 2021
Major indices pushed higher to start the week, which brings the S&P to 17 out of 19 days being to the upside.
Not only has the S&P reached channel resistance, but the benchmark index also failed to confirm the Dow’s high yesterday. Possibly pullback in the making?
Yesterday’s Sector Performance
Materials started the week on top, followed by Energy.
Utilities and Consumer Discretionary were firmly in the red.
Five-Day Sector Performance
Materials and Technology are now together on top of the past week.
Utilities are alone at the bottom.
ETF Trade Watch
Technology Select Sector SPDR (XLK)
Materials Select Sector SPDR (XLB)
It’s getting harder and harder to want to be long for any length of time with the market being as extended as it is.
However, there’s nothing saying it can’t extend further, and as of now it seems the XLK and XLB are the two top beneficiaries.
Good luck!