Market Recap For March 8th, 2022

Markets jostled back and forth on Tuesday, starting a bit lower, but then rallying late in the morning. By day’s end, the major indices were back in the red.

Taking the weight of all evidence, it seems as if markets will decline below 2.24’s low sooner, rather than later.

Yesterday’s Sector Performance

Shocker! Energy was yesterday’s leader.

Consumer Staples and Healthcare were weakest, followed by Utilities.

Five-Day Sector Performance

Nothing new to see here, Energy remains the top performing sector.

Consumer Discretionary as taken the lead, at the bottom of the market.

ETF Trade Watch

Energy Select Sector SPDR (XLE)

Consumer Discretionary Select Sector SPDR (XLY)

Once again, oil appeared to run out of gas, and the XLE’s price action could be perceived as semi-bearish. However, no signs of a drop. Yet.

If markets do accelerate lower, the XLY could find itself dropping by the same magnitude as Energy has been rising.

Good luck!