Market Recap For May 16th, 2022

Not much happened in yesterday’s market. The major indices waffled from red and green, ultimately closing after having made little progress.

Monday appears to have been a consolidation day, but at consolidation before heading higher, or lower?

Yesterday’s Sector Performance

Oil hit a new multi-week high, and that pushed Energy names higher.

Consumer Discretionary was the biggest weight on the overall market.

Five-Day Sector Performance

Energy’s past few days have propelled it to the top of the weekly chart.

Financials are at the bottom now, but Discretionary might replace it soon.

ETF Trade Watch

Energy Select Sector SPDR (XLE)

Consumer Discretionary Select Sector SPDR (XLY)

Yesterday seemed to be a day of indecision, but a rally preceded it, which could be a sign of more rally to come.

The Energy linked XLE has hit new highs, while the Discretionary XLY looks like it may be rolling back over to new lows.

Good luck!