Market Recap For November 12th, 2021
Turns out that Thursday’s pause in both decline and rally was a turning point for the market, as all major indices pushed into the green.
Expectations would be to extend higher to start the week. New highs are also likely, but short-term resistances need to be broken first.
Yesterday’s Sector Performance
Communication Services led Friday’s rally.
Utilities and Energy ended up red, with Real Estate and Staples right behind them.
Five-Day Sector Performance
Materials finished as the weekly leader, which was not a surprise.
Another non-surprise, Consumer Discretionary ended up as the weekly loser.
ETF Trade Watch
Technology Select Sector SPDR (XLK)
Communication Services Select Sector SPDR (XLC)
It appears the pullback is over, at least for now, and higher prices should follow. If Friday’s leadership means anything, then Tech and Services should lead the way.
This presents an opportunity for bullish traders to check out either the technology XLK or the Communication Services XLC.
Good luck!