Type to search

Wealthpop News

Sector Spotlight: This Sector Has Been Carrying The Market


Market Recap For August 3rd, 2022

Although the larger forecast was for a higher market, it seemed that a pullback might take place first. The market had other plans on Wednesday.

All major indices pushed through key resistance marks, which implies higher prices are coming. However, major trendlines are up next.

Yesterday’s Sector Performance

Tech, Discretionary and Services led the market.

Energy ended up as the only sector in the red.

Five-Day Sector Performance

Discretionary is still the weekly leader.

Energy is now in the red on the weekly as well, Healthcare isn’t far behind.

ETF Trade Watch

Energy Select Sector SPDR (XLE)

Oil finally started to pull away from the $95 level and 200 moving average. The first target on the downside should be around $85, which means the XLE may have much further to fall. Traders of oil stocks should keep an eye on commodity as many of these names move in tandem. The cooling of price, even if only temporarily, should present another opportunity for those looking to short this area of the market.

Technology Select Sector SPDR (XLK)

With Technology as the top performer, the XLK is hitting new recovery highs, and that should continue if markets rally further. The bullish rally has taken names like Apple from $129 in the beginning of June to over $160 as we start August. As the market pushes up, keep an eye on this sector to push up with it.

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.

  • 1

It's not goodbye, it's hello Magnifi!

You are now leaving a Magnifi Communities' website and are going to a website that is not operated by Magnifi Communities. This website is operated by Magnifi LLC, an SEC registered investment adviser affiliated with Magnifi Communities.

Magnifi Communities does not endorse this website, its sponsor, or any of the policies, activities, products, or services offered on the site. We are not responsible for the content or availability of linked site.

Take Me To Magnifi