Sector Spotlight: As Midterms Conclude, What’s Next For The Market
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Market Recap For November 11th, 2022
Friday’s Spotlight outlined a forecast for an S&P run to 4K, and the benchmark index delivered to finish the week.
Higher prices are likely still to come, overall. However, the past two days have run pretty far and may be due for a pullback from the 4K level.
Yesterday’s Sector Performance
Energy stocks rebounded to the top of the market on Friday.
Healthcare and Utilities stocks did not take part in Friday’s rally.
Five-Day Sector Performance
Technology had an amazing week, finishing up by 10 percent.
Healthcare and Utilities ended up at the bottom of the weekly as well.
ETF Trade Watch
Technology Select Sector SPDR (XLK)
Communication Services Select Sector SPDR (XLC)
Traders should expect markets to move higher in the coming weeks but should also be prepared for an imminent pullback.
One way or another, unless there’s a meaningful reversal, the XLK and XLC are likely leading the market to more recovery highs.
Good luck!
