Market Recap For August 16th, 2022
The major indices started off lower to begin Tuesday’s trading, but eventually pushed into the green. However, stocks ended flat by the close.
A pullback of more than an hour or two has to be getting close, but the S&P was able to hold above 4300, which is a plus for the bulls.
Yesterday’s Sector Performance
Once again, Consumer Staples demonstrated strength on a weaker day.
Energy and Real Estate battled it out for the laggard of the day.
Five-Day Sector Performance
Discretionary stocks have regained the weekly lead.
Healthcare has had a good trading week, but still at the bottom if it.
ETF Trade Watch
Consumer Staples Select Sector SPDR (XLP)
Consumer Discretionary Select Sector SPDR (XLY)
Not much happened yesterday to create a clear bullish or bearish stance going into today. However, the current path of least resistance is up.
If it stays that way, the XLY will most likely be a leader, but if stocks finally roll over for a few days, look for the XLP to outperform.
Good luck!