Market Recap For April 14th, 2022
Last week was an up and down, back and forth, week for sure. Thursday was no exception as Wednesday’s rally was completely reversed.
Supports were broken to end the week, which makes it seems as if this week will start off lower. Unless another complete reversal?
Yesterday’s Sector Performance
Energy was the only sector meaningfully in the green on Thursday.
No surprise at the bottom. When the markets are weak, so is Technology.
Five-Day Sector Performance
Energy ended up winning the week.
Technology stocks were hit the hardest, not surprisingly.
ETF Trade Watch
Energy Select Sector SPDR (XLE)
Technology Select Sector SPDR (XLK)
If traders are going to go long in this market environment, it would seem that Energy is the place to be, and in turn the XLE.
Markets have not been able to hold a rally for several weeks now, and if that trend continues, look for the XLK to decline more than most.
Good luck!