Market Recap For May 4th, 2022
The rally that started at the Monday low continued in a big way on Wednesday, as markets reacted favorably to the FOMC statement.
The Dow, S&P and Nasdaq all made ended firmly higher, and at key resistance points. Moves above those points will mean the rally is carrying onward.
Yesterday’s Sector Performance
Once again, Energy led the day.
Although in the green, Real Estate ended up at the bottom.
Five-Day Sector Performance
Energy is way ahead of the pack over the past week.
Real Estate remains at the bottom, as yesterday didn’t help.
ETF Trade Watch
Energy Select Sector SPDR (XLE)
Communication Services Select Sector SPDR (XLC)
There were many positive signs and signals at Monday’s low, which adds credence to the forecast for an extended rally.
Assuming yet another complete reversal doesn’t develop, ETFs such as the XLE and XLC should see strength.
Good luck!