Market Recap For February 18th, 2022
Thursday left a definitively bearish tone, implying that lower prices were likely coming on Friday. Markets delivered on that likelihood.
The major indices are approaching the January lows. Specifically, the NDX 14K and S&P 4300 level are key to preventing an even larger slide.
Yesterday’s Sector Performance
Consumer Staples finished in the green, once again.
Technology finished at the bottom, again, followed by Industrials.
Five-Day Sector Performance
Consumer Staples won the week, not surprisingly.
Energy struggled the most last week, followed by Communication Services.
ETF Trade Watch
Consumer Staples Select Sector SPDR (XLP)
Energy Select Sector SPDR (XLE)
If market weakness continues, as it seems ready to do, Consumer Staples likely outperforms, and that makes the XLP still worth a look for bullish trades.
On the other hand, Energy has been the weaker sector during the market’s most recent struggles. The XLE could see a significant drop.
Good luck!