Sector Spotlight: Is The Market Ready To Make New 52-Week Lows?
Market Recap For September 29th, 2022
Wednesday’s rally seemed to confirm a rally had taken hold, but Thursday couldn’t have been more opposite than what was expected.
Not only did stocks not rally, but they also completely reversed Wednesday’s gains. What makes forecasting today more challenging was the end of day rally.
Yesterday’s Sector Performance
Energy held on better than most, barely closing in the red.
Even with the bounce into the close, Utilities ended up down 4 percent.
Five-Day Sector Performance
Healthcare is still leading the week, nearly in the green as well.
Utilities were not helped by yesterday’s underperformance.
ETF Trade Watch
Utilities Select Sector SPDR (XLU)
Healthcare Select Sector SPDR (XLV)
Major indices have been battling at or around their June bear market lows, and its challenging to gauge who wins the fight – the bulls or the bears?
What is known is that the XLU has struggled mightily, while the XLV has held on very well over the past week.