Market Recap For September 8th, 2022
As expected, the market pushed higher yesterday. All major indices finished in the green, led by the Nasdaq.
Today’s outlook is the same as Thursday, which is for higher prices. That being said, multiple potential resistances sit overhead.
Yesterday’s Sector Performance
Healthcare slightly edged out Financials during yesterday’s runup.
Communication Services did not perform as well as others.
Five-Day Sector Performance
Healthcare also leads on the weekly chart.
Energy is trying to recover a bit, but the sector is still noticeably in the red.
ETF Trade Watch
Healthcare Select Sector SPDR (XLV)
Communication Services Select Sector SPDR (XLC)
Healthcare has been the top dog during this week’s rally. So, if the rally can extend, the XLV could be worth a look for bullish trades.
As stated above, the rally may very well push higher, but its time could be short. If a rollover takes hold, the XLC appears to be primed to lead the drop.
Good luck!