Market Recap For March 7th, 2022

The market forecast for a continuation of the rally that started in late February took a major blow yesterday, as stocks fell, and fell persistently.

Along the way, multiple key levels were broken. As good as the late February bounce looked, it appears to be in jeopardy of getting completely wiped out.

Yesterday’s Sector Performance

No matter how bad stocks may look, Energy still finds a way. For now.

Consumer Discretionary got absolutely clobbered.

Five-Day Sector Performance

Nothing has changed, Energy is clearly the top performing sector.

Financials didn’t have a great day yesterday either, thus keeping it at the bottom.

ETF Trade Watch

Energy Select Sector SPDR (XLE)

Financials Select Sector SPDR (XLF)

Oil appeared to get a bit exhausted yesterday, and the XLE’s price action could be perceived as semi-bearish. Look for a possible XLE drop.

Financials, on the other hand, simply look awful. Assuming markets drop further, expect the XLF to do the same.

Good luck!