Market Recap For October 20th, 2022
Once again, markets chopped up and down without making much progress in either direction. The close, however, ended on a bearish note.
Although it doesn’t seem as such over the past 3 days, the overall price action does have a bullish look to it. Today should bring a break out of the current malaise.
Yesterday’s Sector Performance
Communication Services ended up modestly in the green, and on top of the day.
Utilities were hit the hardest, followed by Industrials.
Five-Day Sector Performance
Services are also not on top of the weekly performance chart.
And Utilities are also on the bottom of the weekly chart.
ETF Trade Watch
Utilities Select Sector SPDR (XLU)
Communication Services Select Sector SPDR (XLC)
Even though the move off last Thursday’s low is still intact, the past few days have created a high level of uncertainty with regards to the next short-term move.
However, what is not uncertain is the leadership of Services and underperformance of Utilities. The XLC and XLP should be on the current watchlist.
Good luck!