Sector Spotlight: Energy Remains A Top Sector To Watch
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Market Recap For December 19th, 2022
Markets started off a little bit higher on Monday, which was in line with yesterday’s Spotlight. However, the day didn’t end that way.
After the failing to hold 3900, the S&P seemed set to fall to 3800, at minimum. That mark was hit towards day’s end, and a rally should take hold, as long as 3800 holds.
Yesterday’s Sector Performance
Energy and Staples finished near the flatline on Monday.
Services outperformed that market, but to the downside.
Five-Day Sector Performance
Energy won Monday’s trading, so it clearly stayed on top of the weekly as well.
Discretionary has been replaced by Technology at the bottom of the week.
ETF Trade Watch
Consumer Staples Select Sector SPDR (XLP)
Energy Select Sector SPDR (XLE)
The S&P has made it down to another inflection point at 3800. A rally may have started at yesterday’s low, but even if so, the rally should be short-lived.
Any potential bullish trades executed on the likes of the XLE or XLP should be done with caution, and shorter in duration.
Good luck!
