Market Recap For June 2nd, 2022
Thursday saw a dip to start the day, but it didn’t take long for the market to turn around and reverse the previous two days losses.
The key development from yesterday was the S&P moving above and holding the 4160 mark. This should open the door to higher prices.
Yesterday’s Sector Performance
Back to the top Consumer Discretionary went yesterday.
Energy fell from the top to the bottom, somewhat surprisingly.
Five-Day Sector Performance
Nothing new on the weekly, Discretionary still sits on top of the market.
Healthcare is still bringing up the rear, barely in the green now.
ETF Trade Watch
Consumer Discretionary Select Sector SPDR (XLY)
Technology Select Sector SPDR (XLK)
The market seems to have made a clear statement that the next leg up has begun. As such, Technology and Discretionary are looking to add to recent gains.
Although there could be some slight profit taking after yesterday’s gains, look for the XLY and XLK to be the top performers once the rally resumes.
Good luck!