Market Recap For January 5th, 2022
Tuesday’s bearishness was somewhat of a preview of what was to come on Wednesday. All major indices closed firmly in the red.
We’ve learned not to trust this market over the past 6-7 months, but nothing about yesterday’s close looked like the selling is over.
Yesterday’s Sector Performance
Energy, Utilities, Staples and Materials almost managed to find some green.
Technology and Real Estate most certainly did not.
Five-Day Sector Performance
No real surprise, Energy is still on top of our weekly chart.
Thanks mostly to yesterday, Technology and Real Estate are at the bottom.
ETF Trade Watch
Technology Select Sector SPDR (XLK)
Real Estate Select Sector SPDR (XLRE)
The market looked terrible at yesterday’s close, which normally implies lower prices to follow, at least in the short run.
Assuming the market doesn’t pull the common-as-of-late reversal, the XLK and XLRE may take some bigger hits.
Good luck!