ETF Sector Spotlight For 05/18/2022
Market Recap For May 18th, 2022
So much for higher prices. In what has been a common occurrence over the past 2 months, rallies end quickly and are commonly reversed.
Unfortunately, so are the selloffs. Yesterday left a definitively bearish tone, so expectations should be for new correction lows. But, who knows?
Yesterday’s Sector Performance
There was no sector to hide in on Wednesday, but Utilities held up best.
Consumer Staples and Discretionary were hit the hardest, which is somewhat uncommon.
Five-Day Sector Performance
Energy still leads the weekly chart, but that is likely to change soon.
Staples are still at the bottom of the trading week.
ETF Trade Watch
Consumer Discretionary Select Sector SPDR (XLY)
Consumer Staples Select Sector SPDR (XLP)
It’s not very often traders see Discretionary and Staples get hit together, and it’s very rare to see Staples take the hits they did yesterday, in big part due to Target.
If markets take another big fall, those two sectors could get hit again, and that means bearish plays could be considered for the XLY and XLP.