Market Recap For May 24th, 2022
Markets spent Tuesday in the red, having dropped lower right out of the gate. However, stocks finished well off their lows.
Yesterday’s price action finished on a bullish note, but that hasn’t been too terribly reliable over the past couple of months.
Yesterday’s Sector Performance
Utilities jumped back to the top of the market.
Communication Services stocks were hit hardest.
Five-Day Sector Performance
Tuesday also helped Utilities take the weekly lead as well.
Consumer Discretionary has had an awful trading week.
ETF Trade Watch
Consumer Discretionary Select Sector SPDR (XLY)
Utilities Select Sector SPDR (XLU)
If market’s turn down from yesterday’s late day rise, Discretionary stocks, and the XLY, will likely get decline further.
In addition, Utilities may be ready to run higher, which makes the XLU a possible play for bullish traders.
Good luck!