Market Recap For March 14th, 2022
Friday’s price action left a bearish tone to the market, and although yesterday started off in the green, eventually the bearish tone continued.
The Nasdaq has taken out its February low, and the Russell took out its swing low, which taken together implied lower prices are still in front of the market.
Yesterday’s Sector Performance
Financials actually ended up having a decent start to the week.
Energy is finally letting off some steam, dropping to the bottom of the market,
Five-Day Sector Performance
Financials are now the top sector over the past week, dethroning Energy.
Consumer Staples are still at the bottom, but Energy is coming down hard.
ETF Trade Watch
Financials Select Sector SPDR (XLF)
Technology Select Sector SPDR (XLK)
Although it would be risky to go long on any ETF right now, Financials are performing well, and the XLF would be an ideal way to trade that sector.
If the markets are in the midst of another leg lower, Technology takes the most hits when the market drops, meaning the XLK is ripe for bearish plays.
Good luck!