Market Recap for Wednesday, May 24, 2017
Seven of nine sectors finished higher to lead the S&P 500 to a record high close on Wednesday. Materials (XLB, +0.67%) and utilities (XLU, +0.57%) led the advance as gold mining ($DJUSPM) and mining ($DJUSMG) both performed extremely well, rising 1.58% and 1.20%, respectively. Steel ($DJUSST) was one of two industry groups in the materials sector to finish lower, failing to hold a breakout above its declining 20 day EMA. The DJUSST could be set up for further losses unless we can establish a close back above that key moving average.