Sector Spotlight: FOMC Approaches
Market Recap For September 16th, 2022
To no real surprise, markets took a dive right out of the gate on Friday. However, the bottom came mid-day and the majority of losses were recouped.
The combination of Thursday and Friday send mixed messages. However, Friday’s price action did leave a slight bullish lean in its wake.
Yesterday’s Sector Performance
Staples moved to the top on Friday, actually finding some green.
Energy had been a stronger sector, but that was not the case on Friday.
Five-Day Sector Performance
Energy lost the week to Healthcare, thanks to Friday’s underperformance.
Most sectors has a rough week, the roughest being that of Materials stocks.
ETF Trade Watch
Healthcare Select Sector SPDR (XLV)
Materials Select Sector SPDR (XLB)
Friday looked slightly bullish by day’s end, which makes it seem as if a rally might start this week off. If so, the XLV is the main ETF of last week’s winning sector.
Panning out to beyond Friday, things still look pretty bearish. If Friday was just a blip, then the XLB could get hit the hardest.