Market Recap For September 12th, 2022
The rally that began last week picked up right where it left off to start the current week. Higher prices came right out of the gate on Monday.
Stocks look like they have at least one more shot higher before possibly rolling back over to the downside, which is the current expectation.
Yesterday’s Sector Performance
Energy led Monday’s rally, followed by Technology.
Consumer Staples was the weakest sector with Services right behind it.
Five-Day Sector Performance
Discretionary is still the top sector of the past week.
In addition to the daily, Consumer Staples are still at the bottom of the weekly.
ETF Trade Watch
Consumer Discretionary Select Sector SPDR (XLY)
Technology Select Sector SPDR (XLK)
Even though the current rally still appears to be a countertrend move, it is a rally nonetheless, and one that could continue further than expected.
As long as it remains intact, Technology and Discretionary will likely be two of the typical leaders. That makes the XLK and XLY two ETFs of interest for the bulls.
Good luck!