Market Recap For August 5th, 2022
Stocks dropped right out of the gate on Friday, but by mid-day a rebound took hold, and most losses were recouped.
Not much changed after Friday’s trading. Major resistances still sit right at, or just above, current levels.
Yesterday’s Sector Performance
Energy rebounded to retake the market lead on Friday.
Discretionary, which has been the leader, dropped to the bottom.
Five-Day Sector Performance
Thanks to Friday’s performance, Discretionary lost out to Tech last week.
Energy lagged most of the week, and Friday was not enough to pull it out of the gutter.
ETF Trade Watch
Consumer Discretionary Select Sector SPDR (XLY)
Technology Select Sector SPDR (XLK)
If the market intends on taking another leg higher this week, ETFs such as the XLY and XLK are clearly the top contenders to lead the way.
However, if major resistances hold up, Friday proved that those are the same ETFs that would likely struggle, specifically the XLY.
Good luck!