Market Recap For June 10th, 2022
As stated in Friday’s Spotlight, breakdowns are breakdowns, and Thursday’s break signaled lower prices should be coming. Friday did not disappoint.
A test of 2022 lows appear to be imminent, and new lows sure look likely. Unless today brings a complete U-turn, look out below.
Yesterday’s Sector Performance
Consumer Staples was the top performer again.
As usual, when market sell off, Technology and Discretionary get hit hardest.
Five-Day Sector Performance
Energy finished as the top sector for the week, followed by Staples.
Several sectors were clustered at the bottom, led by Technology.
ETF Trade Watch
Consumer Staples Select Sector SPDR (XLP)
Energy Select Sector SPDR (XLE)
If traders are looking for strength in major sector ETFs, the obvious choice at this juncture would be the XLP or XLE.
However, the bear market appears to be reasserting itself, and in that scenario, traders might be best to layoff the long positions.
Good luck!