Market Recap For March 9th, 2022

Tuesday seemed as if a decline below the 2.24 low might be more probably than first thought, but then yesterday came along and changed the tone.

Changed it for a day, at least. Corrections and bear markets are volatile and can create many whipsaws. For now, the market seems to have turned higher.

Yesterday’s Sector Performance

Technology was the winner, finishing nearly 4 percent higher.

As expected, Energy finally crashed.

Five-Day Sector Performance

Although Energy is the current leader of the week, that will likely change soon.

Consumer Discretionary currently sits at the bottom.

ETF Trade Watch

Energy Select Sector SPDR (XLE)

Technology Select Sector SPDR (XLK)

Oil was looking more and more vulnerable to a drop, the higher it went. Yesterday, the space took some hits, as did the XLE.

If the rally on Wednesday has legs, and is a continuation of what started on 2.24, expect the XLK to go on a big run.

Good luck!