Sector Spotlight: The Market Gives Us A Relief Bounce
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Market Recap For September 1st, 2022
As expected, the market started off lower on Thursday. Eventually, key supports levels were reached, and a rally ensued.
Yesterday’s close was a firmly bullish one, but so was last Thursday’s, and we saw how that worked out. Today should be different, and higher prices should come.
Yesterday’s Sector Performance
It has been quite a while since Healthcare rose to the top of the market.
Oil dropped yesterday, and that took Energy to the bottom.
Five-Day Sector Performance
Utilities are still leading the market, but that might change soon.
Technology has been joined by Materials at the bottom of the pile.
ETF Trade Watch
Healthcare Select Sector SPDR (XLV)
Utilities Select Sector SPDR (XLU)
If markets run higher to relieve some of the oversold conditions, one would think Technology and Discretionary would lead the way.
Regardless, Healthcare and Utilities led yesterday’s recovery, and that means the XLV and XLU could be starting to move.
Good luck!
