Sector Spotlight: Consolidation Continues
Market Recap For September 28th, 2022
Turns out, the lower prices forecast for the week came and went with mostly a whimper, hitting the low on Tuesday.
Expectations were for the decline to end quickly with a rally being close. Wednesday appears to have kicked off a rally, one that should last for days, if not weeks.
Yesterday’s Sector Performance
Energy continued its rally in a big way yesterday.
In somewhat of a surprise, Technology lagged the rest of the market.
Five-Day Sector Performance
Healthcare is still leading the week, but that will change if markets press higher.
Utilities have moved to the bottom over the past week.
ETF Trade Watch
Consumer Discretionary Select Sector SPDR (XLY)
Communication Services Select Sector SPDR (XLC)
As stated in yesterday’s Spotlight, a rally was closing in on the bears, and Wednesday validated that forecast.
The rally should have more to go, and if so, look for ETFs like the XLY and XLC to take a leadership role.