Market Recap For April 26th, 2022
Yesterday’s Spotlight forecast a short-lived rally, but wow, that was definitely shorter than expected.
Multiple important levels were taken out on Tuesday. Odds are highly in favor of much lower prices ahead.
Yesterday’s Sector Performance
Energy was the only sector clinging to green at yesterday’s close.
Consumer Discretionary was easily the laggard, followed by Technology.
Five-Day Sector Performance
Consumer Staples are still on top of the week, but in the red, nonetheless.
The past week for Communication Services just keeps getting worse.
ETF Trade Watch
Communication Services Select Sector SPDR (XLC)
Consumer Discretionary Select Sector SPDR (XLY)
If the market is going to decline much higher, as it currently looks as if it plans to do, going long on anything isn’t the best idea.
The weakest sectors are Discretionary and Services, and that makes the XLY and XLC the top candidates for short plays.
Good luck!