Market Recap For June 15th, 2022
Considering all the commentary surrounding yesterday’s FOMC statement, the reaction was somewhat of a snoozer. Markets finished roughly where they started.
The past two days have not provided much insight into what to expect next, so traders should be prepared either way.
Yesterday’s Sector Performance
Discretionary stocks finished just ahead of Communication Services and Real Estate.
Energy ended up as the only sector in the red, although Staples and Materials also struggled.
Five-Day Sector Performance
Staples are still on top, but that should change if the market rallies.
Energy has now made it to the bottom of both of our timescales.
ETF Trade Watch
Technology Select Sector SPDR (XLK)
Consumer Discretionary Select Sector SPDR (XLY)
Markets seemed to have taken a pause after the rough, three-day drop. This could be prep for a turn higher, or simply a breather before heading lower.
So, we continue to highlight the two sector ETFs that stand to move the most in a big market move, the XLK and XLY.
Good luck!