Market Recap For May 25th, 2022
Tuesday’s bullish finish followed through on Wednesday, although some of the gains were lost near the close.
The S&P stalled right at its channel resistance. It should be no surprise if the index turns down from there, but trendlines break eventually.
Yesterday’s Sector Performance
Consumer Discretionary performed the best on Wednesday.
Utilities, Healthcare and Staples lagged, which are the defensive sectors.
Five-Day Sector Performance
Energy is back in the leadership position.
Communication Services has now fallen to the bottom of the week.
ETF Trade Watch
Consumer Discretionary Select Sector SPDR (XLY)
Energy Select Sector SPDR (XLE)
If the rally extends, Discretionary stocks seem set to recover, and that means the XLY will likely bounce back further.
And there has been one almost certain constant, and that is Energy stocks moving higher. If that trend continues, the XLE should hit more new highs.
Good luck!