Market Recap For July 20th, 2022
Wednesday’s forecast had stocks moving higher, they didn’t disappoint. Although not quite the day that Tuesday was, all major indices ended firmly in the green.
Yesterday’s close was a bullish one, and so is the larger picture. Even if a pullback develops first, higher prices should be coming.
Yesterday’s Sector Performance
Discretionary stocks moved back into the top spot on Wednesday.
Utilities were the weakest, again, but this time they finished in the red.
Five-Day Sector Performance
Discretionary stocks are still on top this week, but Tech and Energy are close.
Utilities are still the only sector meaningfully in the red.
ETF Trade Watch
Technology Select Sector SPDR (XLK)
Consumer Discretionary Select Sector SPDR (XLY)
Markets have been moving higher consistently over the past few days. It may be getting close to pullback time.
However, assuming the rally holds on a bit longer, Discretionary and Technology stocks look like top performers, and that’s good news for the XLK and XLY.
Good luck!