Market Recap For June 14th, 2022
The major indices hit new lows yesterday, although the selling was not at all as severe as the previous few days.
The market has gotten extremely oversold, and a bounce would seem to be in order. Today’s FOMC statement could be the turning point.
Yesterday’s Sector Performance
Tech stocks were the only ones meaningfully in the green yesterday.
Utilities struggled more than most.
Five-Day Sector Performance
Staples are the strongest of the weak, but that should change if the market rallies.
Real Estate is outpacing all others to the downside.
ETF Trade Watch
Technology Select Sector SPDR (XLK)
Consumer Discretionary Select Sector SPDR (XLY)
The environment seems to be ripe for a rally to take hold sooner, rather than later, as markets may have sold on the rumor to buy on today’s news.
If that forecast ends up playing itself out in the coming days, look for the Technology XLK and Discretionary XLY to be likely leaders.
Good luck!