Sector Spotlight: Market Is Largely Range Bound
Market Recap For November 18th, 2022
Markets attempted to jump right out of the gate on Friday, only to immediately give up the gains and eventually fall briefly into the red.
By mi-day, however, stocks slowly started to recover, ultimately finishing the green, but not regaining the day’s highs.
Yesterday’s Sector Performance
Utilities had a very good day, compared to the overall market.
Energy stocks struggled again but ended up better than where they started the day.
Five-Day Sector Performance
Defensive sectors led the week, starting with Consumer Staples on top.
Discretionary ended up on bottom, with Energy not performing well either.
ETF Trade Watch
Consumer Staples Select Sector SPDR (XLP)
Utilities Select Sector SPDR (XLU)
The market’s close on Friday wasn’t terribly conclusive either way as to what to expect to start next week. However, Thanksgiving week does have a bullish bias.
As stated above, defensive sectors like Staples, Healthcare and Utilities are outperforming, so ETFs like the XLP and XLU could be worth a look.