Market Recap For March 2nd, 2022
The lines in the sand appear to have been drawn regarding support. The S&P has held 4300, while the NDX has held 14K, and the Russell its 2K.
Now, resistance has come into play at S&P 4400 and Dow 34K. If the market can manage to push through those, the next leg of the rally should be confirmed.
Yesterday’s Sector Performance
Financials bounced back nicely, as Materials and Energy also performed well.
Communication Services, underperformed, albeit still finishing in the green.
Five-Day Sector Performance
Energy is still the runaway winner from the past trading week.
Financials are still lagging, but yesterday’s performance could change things.
ETF Trade Watch
Materials Select Sector SPDR (XLB)
Financials Select Sector SPDR (XLF)
Wednesday completely reversed Tuesday’s drop, and unless today brings another reversal, expect higher prices.
Two sector ETFs that may benefit the most might be the Materials XLB and the recovering Financials XLF.
Good luck!