Sector Spotlight: Another FOMC Ahead
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Market Recap For December 9th, 2022
Friday started out similarly to the previous two, but by the end of the day markets had fallen firmly into the red for good.
Along the way, the NDX confirmed a short-term rising wedge, while the S&P broke out of the bottom of its comparable bear flag. Lower prices are on deck.
Yesterday’s Sector Performance
Services ended up as only sector holding out for a little green.
Energy stocks took it on the chin again.
Five-Day Sector Performance
Utilities won the week, but all sectors ended up with losses.
No surprise, Energy was the biggest loser on the week.
ETF Trade Watch
Utilities Select Sector SPDR (XLU)
SPDR S&P Oil & Gas Exploration & Production (XOP)
The top performing sector of late has been Utilities, which would make the XLU appealing for bulls, but if the market drops, the XLU likely will too.
Even though the sector seems due for a bounce, Energy continues to be weak, as do energy linked ETFs such as the XOP.
Good luck!
