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Sector Spotlight: How Far Does The Market Have To Fall?


Market Recap For August 31st, 2022

The market has delivered on each Spotlight forecast this week, all of them being to the downside, as once again stocks finished lower.

Today’s forecast is the same as the previous days, which is lower. Until the market shows a different look, the path is still lower.

Yesterday’s Sector Performance

Communication Services held up relatively well during yesterday’s decline.

Materials saw the biggest drawdown on the day.

Five-Day Sector Performance

Utilities have now replaced Energy at the top of the heap.

Nothing has changed at the bottom; Technology still owns the spot.

ETF Trade Watch

Consumer Discretionary Select Sector SPDR (XLY)

Technology Select Sector SPDR (XLK)

Nothing new in today’s sector analysis. The path of least resistance is down until the market sends a message otherwise.

If that path stays intact, look for the XLK and XLY to continue to take bigger hits than most, as they did yesterday.

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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