Market Recap For January 27th, 2022
In what seems to be an everyday occurrence, markets pushed into the green by 1-2 percent, but ultimately ended up getting sold into.
The close was not inspiring, but a meaningful rally will happen at some point. For now, it seems lower prices are looming.
Yesterday’s Sector Performance
Energy continues its nonstop run to new 52-week highs.
Consumer Discretionary stocks were hit hardest.
Five-Day Sector Performance
Energy has been leading, overall, for weeks now.
Communication Services and Discretionary are still bringing up the rear.
ETF Trade Watch
Communication Select Sector SPDR (XLC)
Consumer Discretionary Select Sector SPDR (XLY)
Although Monday’s low is still holding, the past couple of days are demonstrating persistent weakness, which could lead to a retest, or break, of that low.
If stocks do press even lower today, traders should still plan to look for possible bearish opportunities in the XLC and XLY.