Market Recap For October 24th, 2022
The major indices extended their Friday rally into the start of this week. However, it was not an “all aboard” rally, as many stocks never made it into the green.
The one-two punch of Friday and Monday could be ready to cool off a bit, but if the S&P takes out 3800, look for another leg up for the rally.
Yesterday’s Sector Performance
Healthcare and Staples led the market, showing a defensive posture.
Materials finished last week strong, but started this week off in the red.
Five-Day Sector Performance
Energy held its spot on top of the weekly chart.
Real Estate is now the weakest sector, and the only one in the red.
ETF Trade Watch
Consumer Staples Select Sector SPDR (XLP)
Healthcare Select Sector SPDR (XLV)
This week started off with Healthcare and Consumer Staples leading the charge, but that may not continue if the rally picks up steam.
Until that happens, or leadership changes hands, the XLP and XLV are breaking away and could be considered for long trade opportunities.
Good luck!