Market Recap For August 1st, 2022
Almost on cue, markets pushed a hair higher to start the week, only to hit our previously cited resistance, and then pull down.
Although it is completely possible that stocks may take another stab higher, it seems that a pullback may have already started.
Yesterday’s Sector Performance
On a day of weakness, Consumer Staples outperformed.
Energy, which had been a leader, fell to the bottom.
Five-Day Sector Performance
Thanks to Energy’s fall, Discretionary is now the weekly leader.
Healthcare is in the green, but also at the bottom.
ETF Trade Watch
Energy Select Sector SPDR (XLE)
Consumer Staples Select Sector SPDR (XLP)
Oil failed to hold the $95 mark, and its 200-day MA, for the first time since earlier this year. That could spell trouble for the XLE.
If the market pulls back further, Consumer Staples could remain the top performer, and the provides possible bullish opportunities with the XLP.
Good luck!