Market Recap For May 23rd, 2022
No real surprise to start the week. Friday’s reversal implied a higher move, and Monday delivered.
The big question is whether or not the market can hold this one? For the past two months rallies have struggled to get past more than 2 or 3 days.
Yesterday’s Sector Performance
Been a while since all sectors closed in the green, yesterday being led by Financials.
Consumer Discretionary stocks still struggled to keep up.
Five-Day Sector Performance
Energy was slipping at week’s end, so no shock to see other sectors move to the top.
Staples are still at the bottom, but the sector recovered a little yesterday.
ETF Trade Watch
Financials Select Sector SPDR (XLF)
Energy Select Sector SPDR (XLE)
The market looks poised to head higher, but it has appeared that way before, only to see stocks completely roll over the next day.
However, if this rally can hold on, two sector ETFs that are working right now would be the XLF and XLE.
Good luck!