Market Recap For November 23rd, 2022

As expected, stocks moved higher on Wednesday, slowly inching their way the resistance cited back in October.

Although it may not happen by week’s end, the S&P should make it up to the 4100 area, give or take. That is where the major inflection point sits for this rally.

Yesterday’s Sector Performance

Discretionary and Services rose to the top of Wednesday’s market.

Somewhat surprisingly, Energy stocks struggled, thanks to the drop in oil.

Five-Day Sector Performance

Consumer Staples are still leading the week, no change here.

Wednesday’s drop sent Energy back down to the bottom of the pile.

ETF Trade Watch

Communication Services Select Sector SPDR (XLC)

Consumer Discretionary Select Sector SPDR (XLY)

Tuesday’s leaders failed to follow through on Wednesday, and they were replaced by Services and Discretionary stocks.

So, hard to say if the leadership will change again as the week comes to an end, but if it stays as it was on Wednesday, the XLC and XLY should hold up well.

Good luck!