Market Recap For March 1st, 2022

Stocks took a dip yesterday, again, but this time they failed to fully recover. Most ended in the red, to one extent or another.

Although the rally from Thursday’s low still appears to be intact, a pullback is underway. As long as S&P 4300 holds, as it did on Tuesday, the path is still up.

Yesterday’s Sector Performance

In what has become commonplace, Energy led once again.

Financials took the biggest hits yesterday, followed by Materials.

Five-Day Sector Performance

Energy is now in full command of the weekly performance chart.

Financials are the clear laggards, thanks primarily to the first two days of this week.

ETF Trade Watch

Enrgy Select Sector SPDR (XLE)

Finacials Select Sector SPDR (XLF)

At some juncture, the Energy party will end, and likely in a bad way. However, until that time comes the XLE keeps rising.

If markets do fail to hold key supports that were tested yesterday, look for the XLF to continue to take some hits.

Good luck!