Sector Spotlight: The Bulls And Bears Battle
Market Recap For August 23rd, 2022
Markets declined a little further on Tuesday, but nothing major. Most stocks were in the green up until the final hour of trading.
Today could be an important day when it comes to the market’s next move. If a rally can take hold, stocks may make a run at new rally highs.
Yesterday’s Sector Performance
Once again, Energy was the top performer.
Real Estate and Healthcare were Tuesday’s laggards.
Five-Day Sector Performance
Energy’s recent run now has it as the only sector in the green.
Communication Services are still the weakest sector over the past week.
ETF Trade Watch
Energy Select Sector SPDR (XLE)
Communication Services Select Sector SPDR (XLC)
As long as oil continues to press higher, which appears set to do, the XLE will also likely move higher as well.
If the stock market fails to end its recent slide, odds would seem to favor the XLC leading the charge lower.