Market Recap For December 2nd, 2022

As expected, Friday brought the common seasonal weakness with it, and markets were not helped at all by the morning’s monthly jobs report reaction.

Overall, December is usually a bullish month, but with key indices sitting at major resistance points, might this year be one of the exceptions?

Yesterday’s Sector Performance

Even though major indices closed in the red, several sectors didn’t, led by Materials.

Energy and Technology took minor losses on the day.

Five-Day Sector Performance

Services ended up winning the week, to no surprise.

Likewise, Energy had lagged most of the week, ultimately finishing at the bottom.

ETF Trade Watch

iShares Nasdaq Biotechnology ETF (IBB)

Communication Services Select Sector SPDR (XLC)

Markets would seem to be at an inflection point, but with Friday’s closing price action leaning towards the bullish side, traders might look for possible long plays.

Since Services have been the leader, the XLC continues to be worth a look. However, the IBB is also showing strength, having bottomed back in June.

Good luck!