Market Recap For July 18th, 2022
This week was expected to start off with a continuation of Friday’s rally, and markets didn’t disappoint. Stocks gapped higher to start Monday’s trading.
However, the rally faded mid-day and all major indices fell into the red. The decline may not be over just yet, based on yesterday’s close.
Yesterday’s Sector Performance
Oil’s strong move higher catapulted Energy to the top of the leaderboard.
Healthcare stocks struggled all day long.
Five-Day Sector Performance
Discretionary stocks are the only ones firmly in the green over the past week.
Healthcare is at the bottom of the week, thanks in part to yesterday’s performance.
ETF Trade Watch
Healthcare Select Sector SPDR (XLV)
Consumer Discretionary Select Sector SPDR (XLY)
Healthcare stocks looked very constructive to end last week, but not quite so much to start this one. The XLV could be in some trouble if yesterday is any indication.
The one sector holding things together over the past week has been Discretionary, so bullish traders may want to take a look at the XLY.
Good luck!