Market Recap For January 26th, 2022
Wednesday brought the higher move that was expected, but it was short-lived. After the FOMC statement, markets moved into the red before getting a late bounce.
By day’s end, markets closed slightly mixed, but the day as a whole didn’t instill that warm bullish feeling that long sided traders would’ve preferred.
Yesterday’s Sector Performance
Technology ended up as the winner of the day.
Real Estate was the clear loser, followed by Materials.
Five-Day Sector Performance
Energy is still on top of the weekly chart, and the only sector in the green.
Communication Services has now swapped places with Discretionary.
ETF Trade Watch
Communication Select Sector SPDR (XLC)
Consumer Discretionary Select Sector SPDR (XLY)
Wednesday’s market price action did nothing to confirm a direction either way, but it certainly was not a bullish close.
If stocks fail to move higher, traders should still plan to look for possible bearish opportunities in the XLC and XLY.