Market Recap For January 21st, 2022
Another day, another decline. As usual, stocks tried to rally at one point, but that didn’t stop the inevitable.
Although Friday’s decline hints to more lows coming, a countertrend rally should be getting close.
Yesterday’s Sector Performance
Utilities, Real Estate and Consumer Staples outperformed on the down day.
Communication Services performed very badly, followed by Discretionary.
Five-Day Sector Performance
Energy is now only slightly ahead of the pack, but also in the red.
Discretionary was the weakest performer last week.
ETF Trade Watch
Technology Select Sector SPDR (XLC)
Consumer Discretionary Select Sector SPDR (XLY)
The current decline has been persistent and doesn’t appear to be over just yet. A relief rally may be close, but new lows should come first.
Until the selling subsides, expect the weakest sector ETFs to keep getting hit, and for now that is the XLY and XLC.