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ETF Sector Spotlight For 02/02/2022

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Market Recap For February 2nd, 2022

Our Spotlights have been forecasting higher moves since the end of last week, and the markets have followed suit.

However, both the S&P and Nasdaq have made their way up to meaningful resistance points. A turn down could be imminent.

Yesterday’s Sector Performance

Thanks in part to GOOGL, Communication Services led the market.

Consumer Discretionary was the only sector in the red.

Five-Day Sector Performance

Communication Services has also had a very, very big week.

Industrials are still in the green, but also at the bottom.

ETF Trade Watch

Energy Select Sector SPDR (XLE)

Communication Services Select Sector SPDR (XLC)

The one sector that has been a constant over several weeks has been Energy, as can clearly be seen with the performance of the XLE.

The XLC has skyrocketed, so there may not be much left in the tank. Bullish traders may want to wait for a pullback.

Good luck!

Christian Tharp

I am an expert stock market coach having helped over 4000 beginner and advanced traders & investors from around the world take control of their financial futures. I also write stock market related articles for the Adam Mesh Trading Group.

My Chartered Market Technician (CMT) designation substantiates me as an expert in areas such as the technical analysis of stock trends, market indicators, cycles, price patterns, Elliot Wave principles, Candlestick charting, analyzing financial trends and behaviors, portfolio strategies, and forecasting future price movements. With my straightforward approach to simple, systematic trading, students learn how to strategically assess buy signals and market entry timing, establishment and management of stop losses, and how to employ a simple and disciplined trading approach that creates profits.

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