Sector Spotlight: 2 ETFs Approaching Support Levels
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Market Recap For December 20th, 2022
The S&P tested the 3800 mark once again, and once again, that level held. As long as the benchmark index continues to do so, a run to 3900 is still on the table.
When it comes to the S&P, the eventual break of one of those two levels will likely dictate the next 100 point move.
Yesterday’s Sector Performance
Once again, Energy finished on top of the heap.
Consumer Discretionary ended far behind, even though market were mostly flat.
Five-Day Sector Performance
Not much changing, especially at the top with Energy.
Same at the bottom, as Technology still sits at the bottom of the week.
ETF Trade Watch
Consumer Discretionary Select Sector SPDR (XLY)
Energy Select Sector SPDR (XLE)
Nothing changed since yesterday’s writing. The S&P is still hovering above the inflection point at 3800. Today should reveal the market’s next move.
Regardless of which direction the market ultimately takes, Energy is leading and Discretionary is struggling. Traders should look at the XLE and XLY for trades.
Good luck!
