Market Recap For January 20th, 2022
Once again, the market started the day with a rally on Thursday. And, like the previous times, a decline followed.
Yesterday’s drop may have been the most bearish one yet, as multiple important levels have been taken out, on top of others earlier in the week.
Yesterday’s Sector Performance
Utilities held on to green for the 2nd day in a row.
Consumer Discretionary took the biggest hits again.
Five-Day Sector Performance
Energy continues to pull back to the pack, but the sector still leads.
Financials, Technology and Discretionary are still at the bottom.
ETF Trade Watch
Technology Select Sector SPDR (XLK)
Consumer Discretionary Select Sector SPDR (XLY)
Markets are starting to look worse and worse every day. The trend has clearly changed, but a countertrend rally may be getting close.
Until once comes, bearish trades still seem best suited for the same ETFs cited in yesterday’s Spotlight, which were the XLY and XLK.
Good luck!