Market Recap For May 2nd, 2022
Lower prices were expected to start the week, and the market did move lower for a portion of the day. However, they ultimately ended up in the green.
Monday put in a nice price reversal from the lows. Stocks should move higher today, but the inability to hold gains has been commonplace over the past month or so.
Yesterday’s Sector Performance
After quite the rough stretch, Services bounced back this week.
Real Estate, however, continues to get hit hard.
Five-Day Sector Performance
Energy is now the lone sector in the green over the past week.
Real Estate has joined Discretionary at the bottom.
ETF Trade Watch
Real Estate Select Sector SPDR (XLRE)
Communication Services Select Sector SPDR (XLC)
If the market can follow through on a rally for the first time since March, that should help the XLC to recover more,
Regardless, rally or night, Real Estate has gotten drilled. If that continues, look for the XLRE to fall further.