Sector Spotlight: Market Pauses Before Another Move
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Market Recap For November 1st, 2022
The forecast coming into the week was for a higher market move going into today’s FOMC statement release. That clearly hasn’t happened, so far.
Yesterday was a definitively bearish day. Whether or not that decline sees follow through today will be largely dependent on the market’s FOMC statement reaction.
Yesterday’s Sector Performance
Energy led the market, once again.
Services continue to struggle after recent earnings releases.
Five-Day Sector Performance
Thanks to recent performance, Energy is now on top of the weekly chart.
Services are still the least loved sector in the market.
ETF Trade Watch
Energy Select Sector SPDR (XLE)
Communications Select Sector SPDR (XLC)
FOMC weeks are typically volatile, especially on the Wednesday statement release, and uncertain. This week has been no exception, so far.
However, two things are clear, Energy is the leader and Services is the laggard. So, the XLE and XLC are ETFs on opposite ends of the spectrum.
Good luck!
