Sector Spotlight: Market Shows Strength
Market Recap For November 14th, 2022
Yesterday’s Spotlight forecast higher prices, but also a concern that the S&P might pull back from 4K. Monday ended up bringing both.
The reversal in the final two hours of trading left a clear, bearish signal at the market close. The pullback should extend into today, at minimum.
Yesterday’s Sector Performance
The only sector finishing in the green on Monday was Healthcare, barely.
Real Estate took the biggest hits on the day.
Five-Day Sector Performance
No real change at the top, as Technology still leads,
Energy is the only sector in the red over the past trading week.
ETF Trade Watch
Real Estate Select Sector SPDR (XLRE)
Consumer Discretionary Select Sector SPDR (XLY)
Traders should expect markets to move lower in the near-term, but nothing happened on Monday the dents the larger bullish expectation.
Assuming markets do move lower over the next day or two, it looks like the XLRE and XLY may be two of the downside leaders.