Market Recap For May 17th, 2022

Monday’s consolidation led to an upside break, which was the likely outcome based on the preceding move.

Tuesday’s rally was still in full force at market close, which means higher prices should still be coming.

Yesterday’s Sector Performance

Technology rose to the top of the pack, not surprisingly when the market is strong.

Consumer Staples, a more defensive sector, fell to the bottom.

Five-Day Sector Performance

Energy still leads the weekly chart, but that is likely to change soon.

Staples are also now at the bottom of the trading week.

ETF Trade Watch

Technology Select Sector SPDR (XLK)

Consumer Staples Select Sector SPDR (XLP)

Assuming the market does in fact continue higher, Technology will likely perform well, and so will the XLK.

On the flip side of that equation would be Consumer Staples, which should struggle in that environment.

Good luck!