Market Recap For August 9th, 2022
The pullback from key resistance lines continued on Tuesday as all the major indices finished in the red.
Stocks started to decline at Monday’s high, but overall, the selling has been relatively muted. Today’s CPI number could be the catalyst for a bigger move.
Yesterday’s Sector Performance
Energy made its way to the top of the market on Tuesday.
Technology and Discretionary saw the weakest price action on the day.
Five-Day Sector Performance
Financials and Real Estate are tops over the past week.
Energy is slowly, but surely, pushing its way out of the cellar.
ETF Trade Watch
Real Estate Select Sector SPDR (XLRE)
Utilities Select Sector SPDR (XLU)
The current market pullback has been mild, and not much to be worried about as of yet. However, bigger pullbacks commonly start small.
If the decline picks up steam, most sectors will be in the read, but the XLRE and XLU may provide a little cover for bullish traders.
Good luck!