Market Recap For June 16th, 2022
Markets opened up lower yesterday and never really looked back. However, a few hours into the day the low was mostly put in.
Although it was clearly a rough day, and lower overall prices should be expected, the final hour of the day was somewhat constructive.
Yesterday’s Sector Performance
Defensive sectors Staples, Healthcare and Utilities held up best on a rough day.
Energy was drilled once again, thanks in part to oil’s opening drop.
Five-Day Sector Performance
Defensive sectors are also on top of the weekly chart, led by Staples.
Energy is the bottom of the weekly, followed by Tech and Discretionary.
ETF Trade Watch
Consumer Staples Select Sector SPDR (XLP)
Healthcare Select Sector SPDR (XLV)
If it wasn’t for Energy’s rough day, Technology and Discretionary would have been at the bottom of the market, as forecast.
Also as traders might expect, Staples and Healthcare rose to the top, which helped the XLP and XLV hold on better than most.
Good luck!