Market Recap For July 1st, 2022
Even though the day-to-day was rocky last week, the overarching current was expected to be higher. Friday’s rally seems to keep that forecast intact.
Unless the S&P completely reverses today, new recovery highs should be expected, at some point. However, that would still be within a larger bear market view.
Yesterday’s Sector Performance
Utilities led the market on Friday, which was the 3rd day in a row.
Technology was the weakest sector.
Five-Day Sector Performance
To no real surprise, Utilities ended up winning the week.
Discretionary, Services and Tech all finished the week clustered at the bottom.
ETF Trade Watch
Utilities Select Sector SPDR (XLU)
Energy Select Sector SPDR (XLE)
Utilities have been on a run but may be getting a bit stretched. Either way, traders may want to watch the XLU for potential trading opportunities.
Oil rallied a bit on Friday, as did most Energy stocks. The XLE would likely benefit from a further market and oil rally, but support is looming just below.
Good luck!