Market Recap For November 9th, 2022
Tuesday brought higher prices, but the close wasn’t a strong one. That weakness followed through on Wednesday, with stocks closing near the lows of the day.
Wednesday’s move would normally be viewed as clearly bearish, and expectations would be for a lower move. Today’s CPI report could change that.
Yesterday’s Sector Performance
Utilities finished on top, but still firmly in the red.
Energy stocks took the biggest hits, thanks in part to oil’s decline.
Five-Day Sector Performance
Materials are still leading the weekly chart, but that may change soon.
Nothing new at the bottom, Consumer Discretionary stocks leading the way lower.
ETF Trade Watch
Energy Select Sector SPDR (XLE)
Consumer Discretionary Select Sector SPDR (XLY)
Discretionary stocks had already been weak, but Wednesday’s move ended up taking the XLY below major support.
After running higher and higher for weeks and weeks, ultimately hitting new highs, the XLE appears set for some additional profit taking.
Good luck!