Market Recap For July 6th, 2022

Wednesday’s forecast was for a higher move, and after a day full of next to nothing, markets pushed higher towards the end of the trading.

However, most of the gains were lost in the final hour. The rally may still be intact, but Wednesday’s close was not all that inspiring.

Yesterday’s Sector Performance

Utilities jumped back to the top of the market.

Energy was at the bottom of the pack, once again.

Five-Day Sector Performance

Staples and Discretionary are neck and neck at the top of the market.

Not surprisingly, Energy is at the bottom of the week.

ETF Trade Watch

Utilities Select Sector SPDR (XLU)

Energy Select Sector SPDR (XLE)

It may be too soon to say, but Utilities may be turning higher again, which would obviously favor the XLU.

Oil’s persistent decline has crushed Energy stocks, and that has caused the XLE to break key support.

Good luck!