Market Recap For August 11th, 2022
Thursday morning brought another rally right out of the gate. However, unlike Wednesday, this time saw a reversal of nearly all gains.
Everything about yesterday’s market was bearish, complete with a daily negative momentum divergence.
Yesterday’s Sector Performance
Energy ended up as the clear leader on Thursday.
Healthcare finished up on the bottom.
Five-Day Sector Performance
Energy has had a nice run of late, putting it on top of the overall market.
Consumer Discretionary is now the only sector in the red.
ETF Trade Watch
Energy Select Sector SPDR (XLE)
Consumer Discretionary Select Sector SPDR (XLY)
Although it may just be a countertrend recovery move, oil is performing well, which means so is the XLE.
If the market is set to wash out some of the excesses, Discretionary stocks and the XLY will most likely take some hits.
Good luck!