Real estate had a clear price to hold, and it didn't. Again the worst performing sector on the day (-1.9%) pic.twitter.com/vFRBDejf6h
— Scott Brown, CMT (@scottcharts) January 14, 2022
Today’s Chart of the Day was shared by Scott Brown (@scottcharts). It’s a daily candlestick chart of the Real Estate sector over the past eight months. We hear a lot about how rising rates are bad for Tech and Growth stocks, but perhaps Real Estate is the real victim of higher rates (no pun intended). Not only was Real Estate the worst-performing sector in today’s session, but it’s also been the worst sector this week, and so far this year, down about 7% YTD. Scott points out that fortunes got worse for the sector today as price broke key support from the Q4 highs. The good news is that Real Estate is one of the smaller sectors of the S&P 500. But, there’s not much to like about this chart as long as price is stuck below those Q4 highs.