Market Recap For April 28th, 2022
Thursday wasn’t quite what was expected, as stocks rallied from the beginning, and after a small dip, continued higher for most of the day.
The major indices closed on a positive note but failed to take out resistance marks that would have signaled more rally to come.
Yesterday’s Sector Performance
Technology and Services jumped to the top of the market.
Utilities and Industrials were among the weakest.
Five-Day Sector Performance
Yesterday helped Technology move to the top of the weekly chart.
Discretionary is now at the bottom over the past week.
ETF Trade Watch
Technology Select Sector SPDR (XLK)
Consumer Discretionary Select Sector SPDR (XLY)
Thursday wasn’t a day that left an overly strong bullish or bearish tone, but the market was in rally mode when the day ended.
If markets continue upward, the XLK looks ready to go. However, if we see yet another flip-flop, the XLY will struggle more than most.
Good luck!