Market Recap For July 29th, 2022
The forecast for most of the week was for the market to move higher, while hitting new recovery highs. The market clearly accommodated.
Friday was a bullish close, but key resistance marks are now sitting just overhead, meaning a pullback could be imminent.
Yesterday’s Sector Performance
Energy stocks benefited from the combination of a rally in oil and stocks
Defensive sectors struggled, led by Consumer Staples.
Five-Day Sector Performance
Energy stocks also easily won the week, followed by Utilities.
Consumer Staples also had the lowest performing week as well.
ETF Trade Watch
Energy Select Sector SPDR (XLE)
Industrials Select Sector SPDR (XLI)
Oil has given Energy stocks an extra boost as stocks overall head higher. If stocks can rally further, the XLE may extend.
Another sector that has performed well, as of late, is Industrials, which can be seen in the chart of the XLI.
Good luck!