Market Recap For March 30th, 2022
A day after breaking above key resistance points, markets took a break. Most of the damage on the downside was isolated to the Russell 2000 stocks.
The rally has been persistent. Traders should not be surprised if yesterday started a bigger pullback to relieve some of the overbought sentiment.
Yesterday’s Sector Performance
Energy keeps jumping back and forth from laggard to leader.
Discretionary and Technology fell to the bottom, after having been the leaders.
Five-Day Sector Performance
Real Estate still leads the week, followed by Utilities.
Energy led the day, but still sits at the bottom of the week.
ETF Trade Watch
Real Estate Select Sector SPDR (XLRE)
Utilities Select Sector SPDR (XLU)
Yesterday could be the start of a larger pullback, or in could be just another short breather before the market heads higher again.
Either way, Utilities and Real Estate are leading, and if that continues traders should look to the XLU and XLRE for possible bullish trades.
Good luck!