Market Recap For November 28th, 2022
The Monday after Thanksgiving week has historically leaned bearish. Even though Friday ended on a positive note, seasonality came calling.
If the breakdowns that occurred yesterday are to be trusted, it would not appear that the decline is over yet. S&P 3900 is key support.
Yesterday’s Sector Performance
Even though all sectors closed red, Staples help up best.
Real Estate and Energy struggled the most to start off the week.
Five-Day Sector Performance
Utilities are still on top of the week, follows by Staples.
Energy hasn’t moved as the sector is bringing up the rear.
ETF Trade Watch
Consumer Staples Select Sector SPDR (XLP)
Utilities Select Sector SPDR (XLU)
For the time being, the rally that started in mid-October is considered to still be in effect. However, important support lines are close to current levels.
Regardless, for now, Utilities and Staples are the top sectors. Traders looking to capitalize on that fact should take a look at the XLU and XLP.