Sector Spotlight: FOMC Tanks The Market
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Market Recap For November 2nd, 2022
Markets drifted into yesterday’s FOMC statement, and after popping on the initial release, stocks ended up finishing down across the board.
The end of day decline was severe enough to take out multiple support levels, which should mean lower prices today as well.
Yesterday’s Sector Performance
All sectors ended up lower, but Utilities weathered the storm best.
Discretionary and Technology led the decline.
Five-Day Sector Performance
Yesterday’s performance helped Utilities move to the top of the week.
Services have not moved and are still bringing up the rear.
ETF Trade Watch
Discretionary Select Sector SPDR (XLY)
Technology Select Sector SPDR (XLK)
Markets didn’t close on a positive note Wednesday, and lower prices would seem to be imminent, to one extent or another.
If that scenario plays out as expected, look for the XLY and XLK to continue to make big gains, but to the downside.
Good luck!
