Market Recap For February 9th, 2022
Recent Spotlight forecasts have been right on, and yesterday was no exception. All major indices pushed higher and cleared key levels.
Unless an unexpected reversal occurs, Wednesday didn’t look like a rally that had reached its end.
Yesterday’s Sector Performance
Communication Services finally moved out of the gutter, and to the top.
Meanwhile, Consumer Staples barely stayed in the green.
Five-Day Sector Performance
Financials are still at the top of the week, but Consumer Discretionary is close behind.
Communication Services are still bottom feeding but expect that to change soon.
ETF Trade Watch
Financials Select Sector SPDR (XLF)
Communication Services Select Sector SPDR (XLC)
This week’s rally would appear to want to extend a bit further, and the current leaders are Financials and Communication Services.
If the rally does continue, as well as the leadership, traders should expect the XLF and XLC to move higher.
Good luck!