Sector Spotlight: Market Pullback Picks Up Steam
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Market Recap For August 29th, 2022
No real surprises to start off the week. Stocks appeared set to move lower on Monday, and that’s how the day played out.
Yesterday’s close, however, is a little tougher to gauge. The pause is encouraging for the bulls, but the bearish consolidation isn’t.
Yesterday’s Sector Performance
Once again, Energy finds itself on top of the market.
As forecast, a lower market likely spells trouble for Technology.
Five-Day Sector Performance
Being that it led on Monday, Energy is till the top sector of the week.
It’s the same with Technology, being that yesterday saw it at the bottom again.
ETF Trade Watch
Energy Select Sector SPDR (XLE)
Technology Select Sector SPDR (XLK)
Not much changing in today’s Spotlight. If the market declines further as it moves further into the week, the XLK will likely take the biggest hits.
Now that Energy seems to have cleared a key hurdle, look for the XLE to possibly climb even higher.
Good luck!
