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Sector Spotlight: Market Pullback Picks Up Steam


Market Recap For August 29th, 2022

No real surprises to start off the week. Stocks appeared set to move lower on Monday, and that’s how the day played out.

Yesterday’s close, however, is a little tougher to gauge. The pause is encouraging for the bulls, but the bearish consolidation isn’t.

Yesterday’s Sector Performance

Once again, Energy finds itself on top of the market.

As forecast, a lower market likely spells trouble for Technology.

Five-Day Sector Performance

Being that it led on Monday, Energy is till the top sector of the week.

It’s the same with Technology, being that yesterday saw it at the bottom again.

ETF Trade Watch

Energy Select Sector SPDR (XLE)

Technology Select Sector SPDR (XLK)

Not much changing in today’s Spotlight. If the market declines further as it moves further into the week, the XLK will likely take the biggest hits.

Now that Energy seems to have cleared a key hurdle, look for the XLE to possibly climb even higher.

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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