Market Recap For September 7th, 2022
All eyes were monitoring the 3900 area on the S&P, and the level held long enough for the bulls to take some control.
Yesterday’s run should have more life in it, even if a pullback takes hold first, but ultimately new lows should be coming soon.
Yesterday’s Sector Performance
Utilities barely edged out Discretionary for Wednesday’s win.
Energy was the only sector in the red, thanks to oil’s rough day.
Five-Day Sector Performance
Utilities are now on top of the weekly as well.
Energy got hit very hard yesterday and is the clear laggard over the past week.
ETF Trade Watch
Utilities Select Sector SPDR (XLU)
Energy Select Sector SPDR (XLE)
Oil’s drop does not appear to be over, and that means Energy stocks could be in trouble. The XLE should see lower prices over the coming weeks.
On the other end of the spectrum is Utilities. The sector is leading on the daily and weekly, so bullish traders might want to look at the XLU.
Good luck!