Market Recap For November 25th, 2022
Not much worth noting happened on Black Friday, as stocks ended up mostly flat during the holiday shortened trading.
The S&P and NDX would seem to have at least another 1-2 percent of rally left in them before major resistance areas are reached.
Yesterday’s Sector Performance
Real Estate, Utilities and Healthcare closed together at the top of the market.
Tech and Services finished at the bottom on Friday.
Five-Day Sector Performance
Utilities ended up as the winners of the week.
The only sector to end the week in the green was Energy.
ETF Trade Watch
Energy Select Sector SPDR (XLE)
Utilities Select Sector SPDR (XLU)
Energy’s recent weakness has been driven primarily by the decline in oil prices, but the XLE has actually hung on relatively well.
Although it can be tempting to get long the XLU, thanks to the performance of Utilities over the past week, but the ETF is looking stretched at this juncture.
Good luck!