Market Recap For August 30th, 2022
The bearish consolidation cited in yesterday’s Spotlight played itself out on Tuesday, as stocks move lower throughout the day.
Indices failed to hold key supports once again, lower prices should follow. A complete reversal of yesterday’s decline could negate that forecast.
Yesterday’s Sector Performance
Financials rose to the top of the market for the first time in a while.
Energy saw the biggest hits, thanks to oil’s big drop.
Five-Day Sector Performance
Energy is still leading the week, but recent hits could take a toll.
Nothing has changed at the bottom; Technology still sits at the bottom.
ETF Trade Watch
Consumer Discretionary Select Sector SPDR (XLY)
Technology Select Sector SPDR (XLK)
It seems markets might be due for a rally of some kind, but for now the path of least resistance is down.
If that path stays intact, look for the XLK and XLY to be two ETFs taking bigger hits than most.
Good luck!