Market Recap For July 5th, 2022
Somewhat of a wild day yesterday, as the major indices fell around 2 percent right out of the gate, only to push higher all day long.
The past three days appear to be hammering out a pullback low, which should eventually lead to another recovery rally high.
Yesterday’s Sector Performance
Communication Services and Discretionary stocks ended firmly in the green.
Energy, and previous leader Utilities, struggled all day long.
Five-Day Sector Performance
Staples is the only sector close to getting back into the green.
Energy and Materials are the deepest in the red.
ETF Trade Watch
Communication Services Select Sector SPDR (XLC)
Consumer Discretionary Select Sector SPDR (XLY)
Even though the past three days have been quite the chop fest, most signs still point towards a higher move.
If that forecast holds up, then the sectors that led yesterday should lead again, and that favors the XLC and XLY.
Good luck!