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Sector Spotlight: The Rally Takes A Break…

Christian Tharp August 8, 2022

Market Recap For August 8th, 2022

Yesterday’s Spotlight referenced the possibility that key resistance marks sat just above Friday’s close. After a brief Monday morning pop, stocks fell lower.

Although it wasn’t an overly bearish day, reversing from important resistance areas are not usually bullish, at least in the short run.

Yesterday’s Sector Performance

Most sectors managed to find some green, led by Real Estate.

Technology stocks ended up as the one sector meaningfully in the red.

Five-Day Sector Performance

Communication Services is now the leading sector over the past trading week.

Energy recovered further on Monday, but not enough to get it off the bottom.

ETF Trade Watch

Real Estate Select Sector SPDR (XLRE)

Technology Select Sector SPDR (XLK)

If Monday’s decline from the highs has legs, and its sector performance continues, Real Estate may perform best, and Technology may see some profit taking.

In that scenario, bearish traders might want to look at the XLK for trades, while bullish traders could analyze the XLRE.

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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