Market Recap For August 3rd, 2022
Although the larger forecast was for a higher market, it seemed that a pullback might take place first. The market had other plans on Wednesday.
All major indices pushed through key resistance marks, which implies higher prices are coming. However, major trendlines are up next.
Yesterday’s Sector Performance
Tech, Discretionary and Services led the market.
Energy ended up as the only sector in the red.
Five-Day Sector Performance
Discretionary is still the weekly leader.
Energy is now in the red on the weekly as well, Healthcare isn’t far behind.
ETF Trade Watch
Energy Select Sector SPDR (XLE)
Technology Select Sector SPDR (XLK)
Oil finally started to pull away from the $95 level and 200 MA. The first target on the downside should be around $85, which means the XLE may have further to fall.
With Technology as the top performer, the XLK is hitting new recovery highs, and that should continue if markets rally further.
Good luck!