Market Recap For May 6th, 2022
Markets declined further on Friday, but the selling was much more tempered than what was seen on Thursday.
Although the path of least resistance, on multiple time scales, is lower, there are several small signs of bullishness appearing.
Yesterday’s Sector Performance
Energy remains a force in the market.
Discretionary, Services and Materials all finished together at the bottom of Friday’s market.
Five-Day Sector Performance
Energy ended last week leaps and bounds ahead of the rest of the market.
Real Estate and Discretionary competed for the bottom slot.
ETF Trade Watch
Energy Select Sector SPDR (XLE)
Real Estate Select Sector SPDR (XLRE)
There seems to be no end in sight for the rally in the Energy space. So, as long as it continues, look for the XLE to hit more highs.
Real estate has cleared struggled as of late, but if the market is finding a bottom of some kind, the XLRE’s Friday reversal could lead to a recovery rally.
Good luck!