Market Recap For September 21st, 2022
As expected, the major indices broke out of their respective ranges. Initially, they popped to the upside, only to end up revering lower to break out of the bottom.
Nothing about yesterday’s close was bullish. Levels were broken, new lows of the month were hit, and indices closed on their lows. Nothing good.
Yesterday’s Sector Performance
Consumer Staples held up best yesterday.
Discretionary and Communication Services ended up on the bottom.
Five-Day Sector Performance
Consumer Staples Are still on top of the weekly, albeit still in the red.
Real Estate and Energy are the weakest.
ETF Trade Watch
Communication Services Select Sector SPDR (XLC)
Consumer Discretionary Select Sector SPDR (XLY)
Markets looked awful at yesterday’s close. Of course, markets are always free to change their minds, but right now they are clearly pointing lower.
If stocks do drop further, Discretionary and Services seem ready to lead the way, and that should favor bearish plays on the XLC and XLY.
Good luck!