Market Recap For July 28th, 2022

As forecast, markets opened with a pullback on Thursday after Wednesday’s big rally. Also in line with our forecast was the ensuing rally to new recovery highs.

The major indices all took out key resistance marks, and that implies even higher prices to come. However, major resistance sits a few percentage points away.

Yesterday’s Sector Performance

Somewhat surprisingly, Real Estate jumped to the top of the market.

Communication Services ended up as the only sector in the red.

Five-Day Sector Performance

Utilities have had a great week, leading the overall market.

Communication Services is still in the negative.

ETF Trade Watch

Real Estate Select Sector SPDR (XLRE)

Utilities Select Sector SPDR (XLU)

The market has had a great couple of days, but a pullback may be getting close, with major levels sitting overhead.

If stocks can keep going, Real Estate and Utilities may have more gas in the tank, leading to good things for XLRE and XLU.

Good luck!