Market Recap For October 6th, 2021
Sure enough, markets dropped to start off the Wednesday. However, we’ve stated that the market still holds a positive bias, and that played out by day’s end.
Yesterday’s close was a bullish one, and one that was in line with expectations. We would expect higher prices into week’s end, unless today sees another reversal.
Yesterday’s Sector Performance
Utilities led yesterday’s market.
Energy finally took a break, falling to the bottom of the market.
Five-Day Sector Performance
Energy mat have stalled yesterday, but the space still leads the week.
Healthcare is now alone at the bottom of the week.
ETF Trade Watch
Energy Select Sector SPDR (XLE)
Utilities Select Sector SPDR (XLU)
Energy is still leading over the past couple of weeks, and until that changes, XLE pullbacks should be looked at opportunities to get long.
Utilities seemingly came out of nowhere to lead the market, and that could mean that the XLU is ready to take a leg higher.
Good luck!