Market Recap For December 21st, 2022
Stocks rallied on Wednesday, following through on the slight bounce off 3800 from the previous two days.
Unless the S&P completely reverses course, which is certainly possible, the benchmark should make a run up to the 3900 level, at minimum.
Yesterday’s Sector Performance
Energy continues to outperform the rest of the market.
Consumer Staples, Real Estate and Materials lagged, but still ended green.
Five-Day Sector Performance
As long as it stays on top of the daily, Energy will also top the weekly.
Discretionary, Technology and Real State are battling for last place this week.
ETF Trade Watch
Consumer Discretionary Select Sector SPDR (XLY)
Energy Select Sector SPDR (XLE)
Once again, nothing has really changed since yesterday’s writing. The S&P is sandwiched between 3800 and 3900.
Regardless of which direction the market ultimately takes, Energy is still leading and Discretionary is struggling. Traders should look at the XLE and XLY for trades.
Good luck!