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Sector Spotlight: Will The Rally Carry Through Next Week?

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Market Recap For July 29th, 2022

The forecast for most of the week was for the market to move higher, while hitting new recovery highs. The market clearly accommodated.

Friday was a bullish close, but key resistance marks are now sitting just overhead, meaning a pullback could be imminent.

Yesterday’s Sector Performance

Energy stocks benefited from the combination of a rally in oil and stocks

Defensive sectors struggled, led by Consumer Staples.

Five-Day Sector Performance

Energy stocks also easily won the week, followed by Utilities.

Consumer Staples also had the lowest performing week as well.

ETF Trade Watch

Energy Select Sector SPDR (XLE)

Industrials Select Sector SPDR (XLI)

Oil has given Energy stocks an extra boost as stocks overall head higher. If stocks can rally further, the XLE may extend.

Another sector that has performed well, as of late, is Industrials, which can be seen in the chart of the XLI.

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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