Market Recap For September 23rd, 2022
Friday didn’t bring any real surprises. The previous Friday set the bearish tone for the week, and the week delivered accordingly.
Removing any possible doubt, the Dow hit new bear market lows on Friday. Although there could be a rally to start the week, the overall path is clearly down.
Yesterday’s Sector Performance
Healthcare ended up as the top performer again, although still in the red.
Oil’s rough day took an outsized toll on Energy stocks.
Five-Day Sector Performance
Consumer Staples held up better than all other sectors last week.
Thanks mostly to Friday’s performance, Energy was hit very hard.
ETF Trade Watch
Energy Select Sector SPDR (XLE)
Technology Select Sector SPDR (XLK)
Any positive signs that have occurred in the past month has resulted in eventual lower prices. So, Friday’s Dow v S&P non-confirmation could be a positive?
The XLE looks bad no matter what, but the XLK could be played either which way the market moves since it mostly performs in sync with it.
Good luck!