ETF Sector Spotlight For 01/19/2022
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Market Recap For January 19th, 2022
Tuesday’s price action hinted to an extension of its decline into Wednesday. Stocks tried to rally, but the larger current prevailed.
Several supports were broken yesterday, but others are sitting just below. Bottom line is that lower prices appear to be coming. The trend is lower.
Yesterday’s Sector Performance
The defensive sectors Utilities and Staples managed to gain on the day.
Financials were hit again, as was Consumer Discretionary.
Five-Day Sector Performance
Energy is pulling back to the pack, but still leads.
Financials have been joined by Technology and Discretionary at the bottom.
ETF Trade Watch
Technology Select Sector SPDR (XLK)
Consumer Discretionary Select Sector SPDR (XLY)
Markets look like they’re in trouble, and if they are, Technology and Discretionary stocks are currently leading the way.
That would make the XLK and XLY prime candidates for bearish plays, and it just so happens that they both broke supports yesterday.
Good luck!
