Market Recap For January 24th, 2022
Yesterday’s Spotlight called for lower prices, while also pointing out that a relief rally should be getting close. The start of the week brought both.
Higher prices should be coming, but they should be within the context of what ultimately becomes a bear market.
Yesterday’s Sector Performance
Not surprisingly, the previous weakest sector, Consumer Discretionary, bounce back the most.
Utilities, which had held up best during the decline, fell the most.
Five-Day Sector Performance
Utilities and Staples are now on top of the past week.
Discretionary starts the week where it ended the last one, at the bottom.
ETF Trade Watch
Technology Select Sector SPDR (XLK)
Consumer Discretionary Select Sector SPDR (XLY)
Markets appear set to relieve some of the selling pressure that has mounted over the past couple of weeks.
Two of the sector ETFs that will likely bounce the most will be the tech laden XLK and today’s leader, the XLY.