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Sector Spotlight: The Market Gives Us A Relief Bounce


Market Recap For September 1st, 2022

As expected, the market started off lower on Thursday. Eventually, key supports levels were reached, and a rally ensued.

Yesterday’s close was a firmly bullish one, but so was last Thursday’s, and we saw how that worked out. Today should be different, and higher prices should come.

Yesterday’s Sector Performance

It has been quite a while since Healthcare rose to the top of the market.

Oil dropped yesterday, and that took Energy to the bottom.

Five-Day Sector Performance

Utilities are still leading the market, but that might change soon.

Technology has been joined by Materials at the bottom of the pile.

ETF Trade Watch

Healthcare Select Sector SPDR (XLV)

Utilities Select Sector SPDR (XLU)

If markets run higher to relieve some of the oversold conditions, one would think Technology and Discretionary would lead the way.

Regardless, Healthcare and Utilities led yesterday’s recovery, and that means the XLV and XLU could be starting to move.

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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