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Wealthpop News

Sector Spotlight: The Rally Is Officially Over


Market Recap For August 30th, 2022

The bearish consolidation cited in yesterday’s Spotlight played itself out on Tuesday, as stocks move lower throughout the day.

Indices failed to hold key supports once again, lower prices should follow. A complete reversal of yesterday’s decline could negate that forecast.

Yesterday’s Sector Performance

Financials rose to the top of the market for the first time in a while.

Energy saw the biggest hits, thanks to oil’s big drop.

Five-Day Sector Performance

Energy is still leading the week, but recent hits could take a toll.

Nothing has changed at the bottom; Technology still sits at the bottom.

ETF Trade Watch

Consumer Discretionary Select Sector SPDR (XLY)

Technology Select Sector SPDR (XLK)

It seems markets might be due for a rally of some kind, but for now the path of least resistance is down.

If that path stays intact, look for the XLK and XLY to be two ETFs taking bigger hits than most.

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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