Market Recap For February 24th, 2022

Expectations going into Thursday was for stocks to drop further, and they did right out of the gate. However, the low was put in immediately.

Yesterday’s major reversal certainly ended on a positive note, one that will likely lead to even higher prices, in the short-term.

Yesterday’s Sector Performance

Technology was yesterday’s big winner.

Consumer Staples, which had been a leader, fell straight to the bottom.

Five-Day Sector Performance

For now, Real Estate is the leader, followed by Utilities.

Consumer Discretionary is still at week’s bottom, but likely not for long.

ETF Trade Watch

Technology Select Sector SPDR (XLK)

Communication Services Select Sector SPDR (XLC)

The market looks as if a rally has begun to relieve some of the bearish pressure and sentiment that has taken hold.

Assuming that forecast plays out, Technology and Communication Services may be the leaders, and that would benefit the XLK and XLC.

Good luck!