Sector Spotlight: The Midterms Are Here
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Market Recap For November 8th, 2022
The Friday into Monday rally pointed toward higher prices on Tuesday, and Tuesday delivered. However, it wasn’t an overly bullish day.
Last night’s election results may or may not increase volatility during today’s trading, but tomorrow’s CPI is likely the bigger market mover.
Yesterday’s Sector Performance
Materials were the clear top dog on Tuesday.
Consumer Discretionary was the only sector in the red, Energy was close.
Five-Day Sector Performance
Thanks in part to Tuesday, Materials now leads the weekly as well.
Similarly, Consumer Discretionary stocks are on the bottom of the week.
ETF Trade Watch
Materials Select Sector SPDR (XLB)
Consumer Discretionary Select Sector SPDR (XLY)
Materials have been on a great move, taking the XLB higher with them, but a cool off period may be closing in on the sector.
On the flip side, Discretionary stocks have struggled for a while, and the XLY looks like it is dangerously close to breaking major support.
Good luck!
