Sector Spotlight: Communication and Energy Defend Key Support
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Market Recap For December 16th, 2022
Friday markets performed as expected, with all major indices hitting new lows of the current decline from recent highs.
Even though the current move lower looks like it has more to go, stocks came off their Friday lows enough as to some follow through could start off this week.
Yesterday’s Sector Performance
Communication Services almost made it into the green on Friday.
Real Estate stocks were hit hardest to end the week.
Five-Day Sector Performance
Energy ended up winning the week, thanks to late outperformance.
Discretionary stocks were the weakest in what was a rough week overall.
ETF Trade Watch
Communication Services Select Sector SPDR (XLC)
Energy Select Sector SPDR (XLE)
Markets ended the week on somewhat of a mixed note. They ended lower but had recovered quite a bit by Friday’s end.
If that recovery continues into Monday’s trading, the end of week sector performance implies that the XLC and XLE may have some gains coming to them.
Good luck!
