Market Recap For December 1st, 2022
The first couple of days in December have a seasonally bearish bias to them, and yesterday seemed to mostly adhere to that trend.
If that seasonality holds up, today might be another day of weakness, as markets prepare for what is commonly a bullish overall month of the year.
Yesterday’s Sector Performance
Services and Healthcare managed to squeak out some gains on Thursday.
Financials ended up as the weakest sector on the day.
Five-Day Sector Performance
Services are also leading the weekly chart.
Energy is the only sector in the red over the past trading week.
ETF Trade Watch
SPDR S&P Retail ETF (XRT)
Communication Services Select Sector SPDR (XLC)
Although Services are still the top sector, it’s worth noting that the XLC has pulled back from a previous resistance. The sector could be ready to cool a bit.
Similarly, Retail has been performing well, and like the XLC, the XRT is also butting up against the key resistance point.