Market Recap For September 2nd, 2022
Friday unfolded as anticipated in our previous Spotlight, at least for an hour or so. After that, it was more of the same, which has been lower.
The Thursday-Friday low is crucial. Hold and there’s a chance that the bulls can retake control. Break and odds increase the new bear market lows are coming.
Yesterday’s Sector Performance
Oil rallied out of the gate on Friday which pushed Energy stocks higher.
Communication Services brought up the rear.
Five-Day Sector Performance
Utilities ended up winning the week, although barely.
Technology and Materials finished neck and neck at the bottom.
ETF Trade Watch
Technology Select Sector SPDR (XLK)
Materials Select Sector SPDR (XLB)
Thursday was the only bright spot in the market last week, at least for the bulls. For the bears, it was a great week, and one that looks to continue into this week.
If the decline does pick up steam, the XLB and XLK could be top targets for bears, being that Materials and Tech were the weakest sectors.
Good luck!