Sector Spotlight: Which Sector Will Lead The Next Move?
Market Recap For November 17th, 2022
The NDX and S&P dropped below our previously cited supports right at yesterday’s market open but put the low in shortly thereafter.
Most of the rest of the day was spent recovering, ending with a bullish final hour that implies a higher start to today.
Yesterday’s Sector Performance
Even though stocks closed in the red, Technology found some green.
Utilities, the prior day’s leader, ended up right back at the bottom.
Five-Day Sector Performance
No change at the top of the week, Communication Services is still leading.
Real Estate is having a rough go over the past week.
ETF Trade Watch
Communication Services Select Sector SPDR (XLC)
Technology Select Sector SPDR (XLK)
It sure looks like the pullback from recent highs may be over. If so, Technology stocks and Communication Services should be the leaders.
As is usually the case, two of the top ETFs to look at to ride the potential rally would be the XLK and the XLC.