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ETF Sector Spotlight For 06/02/2022

Christian Tharp June 2, 2022

Market Recap For June 2nd, 2022

Thursday saw a dip to start the day, but it didn’t take long for the market to turn around and reverse the previous two days losses.

The key development from yesterday was the S&P moving above and holding the 4160 mark. This should open the door to higher prices.

Yesterday’s Sector Performance

Back to the top Consumer Discretionary went yesterday.

Energy fell from the top to the bottom, somewhat surprisingly.

Five-Day Sector Performance

Nothing new on the weekly, Discretionary still sits on top of the market.

Healthcare is still bringing up the rear, barely in the green now.

ETF Trade Watch

Consumer Discretionary Select Sector SPDR (XLY)

Technology Select Sector SPDR (XLK)

The market seems to have made a clear statement that the next leg up has begun. As such, Technology and Discretionary are looking to add to recent gains.

Although there could be some slight profit taking after yesterday’s gains, look for the XLY and XLK to be the top performers once the rally resumes.

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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