Sector Spotlight: Consolidation Is Back
Market Recap For November 16th, 2022
Wednesday was one of the most lackluster days in the market since the bear began, as the major indices stayed within a small trading range all-day.
The NDX and S&P have hovered on top of short-term supports for a couple of days now, and a break of them should signal a minimum 1-2 percent downside move.
Yesterday’s Sector Performance
Defensive sectors Utilities and Staples ended up green on the day.
Oil dragged Energy stocks lower than most.
Five-Day Sector Performance
Communication Services are still the weekly leader, just ahead of Tech.
Healthcare is at the bottom, with Staples just above.
ETF Trade Watch
Communication Services Select Sector SPDR (XLC)
Energy Select Sector SPDR (XLE)
Even though markets decline a bit on Wednesday, not enough happened to change the forecast from yesterday’s Spotlight.
The XLC would still seem to be a top candidate for a market rally, and every time the XLE pulls back lately it has ended up being a good buying opportunity.