Market Recap For April 27th, 2022
Expectations were for lower prices on Wednesday, and that didn’t really happen, other than a slight dip into the red.
Unless a big move to the upside occurs today, the next meaningful move should still come to the downside.
Yesterday’s Sector Performance
Energy and Materials won the day on Wednesday.
Communication Services struggled, once again,
Five-Day Sector Performance
Consumer Staples are still on top of the week.
Communication Services are still in last, followed by Discretionary.
ETF Trade Watch
Communication Services Select Sector SPDR (XLC)
Consumer Discretionary Select Sector SPDR (XLY)
If the market is set to decline lower, as it still appears as if it plans to do, going long on anything is probably a bad idea.
The weakest sectors haven’t changed, Discretionary and Services, and that makes the XLY and XLC great choices for short plays.
Good luck!