ETF Sector Spotlight For 02/07/2022
Share
Market Recap For February 7th, 2022
Friday’s close didn’t leave much to be desired, regardless if a trader is bullish or bearish. Yesterday brought a result that reflected that sentiment.
Even though stocks ended up mostly in the red, Friday’s lows held, and so did the key level of 14500 on the Nasdaq 100. Today should add some clarity.
Yesterday’s Sector Performance
Even though oil was down, Energy stocks led the market.
Communication Services were the clear laggards.
Five-Day Sector Performance
Of course, Energy is still the leader of the week.
Yesterday pushed Communication Services further into the red.
ETF Trade Watch
Communication Services Select Sector SPDR (XLC)
Energy Select Sector SPDR (XLE)
Yesterday didn’t do much to add clarity to the forecast for the next short-term move, but if it’s a higher move, the XLE could keep running higher.
A break below the past two day’s lows would diminish the odds of the move being higher, and that might make the XLC more appealing.
Good luck!
