Market Recap For July 19th, 2022
Turns out, Monday’s decline was but just a blip, and markets are back on track with the forecast to start the week: Higher.
In addition to notching a nice rally on Tuesday, major indices pushed through important resistance zones. Higher prices should still be coming.
Yesterday’s Sector Performance
Big days were had by most, but Services and Industrials performed best.
Utilities were the weakest, albeit still in the green.
Five-Day Sector Performance
Discretionary stocks are still on top over the past week.
Utilities are now the only sector in the red.
ETF Trade Watch
Communication Services Select Sector SPDR (XLC)
Consumer Discretionary Select Sector SPDR (XLY)
Markets seem to be set to take another leg higher, falling in line with our forecast for a multi-month rally.
Assuming everything holds up, Discretionary and Services stocks look like top performers, and that favors the XLC and XLY.
Good luck!