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ETF Sector Spotlight For 05/09/2022


Market Recap For May 9th, 2022

Pretty rough day to start the week, as all major indices finished firmly lower, and multiple key levels were taken out.

As stated in yesterday’s Spotlight, the path of least resistance is down. A bounce is likely getting close, but traders are cautioned not to try to catch the knife.

Yesterday’s Sector Performance

Ever so slightly, Consumer Staples actually found some green.

Energy got absolutely crushed on Monday.

Five-Day Sector Performance

Thanks to Energy’s rough start to the week, Utilities moved to the top.

Discretionary is still the top of the bottom feeders.

ETF Trade Watch

Consumer Staples Select Sector SPDR (XLP)

Consumer Discretionary Select Sector SPDR (XLY)

Until there is a clear reversal or capitulation of some kind, going long on anything is most likely not worth the risk. However, the XLP is holding on somewhat.

For now, it’s all about the downside, and even though Energy got drilled yesterday, it’s been Discretionary, and the XLY, for quite some time hitting the lows.

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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