Sector Spotlight: Markets Tick Higher With FOMC Approaching
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Market Recap For October 31st, 2022
Monday’s pause was not much of a surprise after Friday’s big rally. Assuming the bullish forces are still intact, higher prices should follow.
Of course, this week’s FOMC statement, which will be released Wednesday afternoon, will likely create some volatility.
Yesterday’s Sector Performance
Energy was the only sector in the green, even with stocks and oil down.
Technology and Services were the deepest in the red.
Five-Day Sector Performance
Real Estate has finally recovered, back to the top of the weekly chart.
Services have not moved, nor would they after Monday’s decline.
ETF Trade Watch
Technology Select Sector SPDR (XLK)
Real Estate Select Sector SPDR (XLRE)
If markets do resume the rally that kicked off on Friday, and the Friday leaders lead again, that would mean the XLK is a top ETF to watch.
Even though Real Estate has had a rougher go than most, it is still the current market leader over the past week. The XLRE could extend further.
Good luck!
