Market Recap For February 23rd, 2022

Tuesday brought the NDX below its key level of 14K, which implied lower. However, the S&P held its corresponding level of 4300. Who would win?

Being that level after level continues to break, it was no surprise that the S&P ended up failing to hold its level. Lower prices seem imminent.

Yesterday’s Sector Performance

Energy stocks were the only ones finding green in yesterday’s market.

Once again, Consumer Discretionary got hit the hardest.

Five-Day Sector Performance

Consumer Staples are still on top of the overall market over the past trading week.

Consumer Discretionary has endured a horrible run over the past week.

ETF Trade Watch

SPDR S&P Biotech ETF (XBI)

Consumer Discretionary Select Sector SPDR (XLY)

The market decline seemed as if it was picking up steam yesterday, and that could be more bad news for the XLY.

In addition to the XLY, the biotech filled XBI appears to be on the cusp of breaking support as well, which likely means lower prices.

Good luck!