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Wealthpop News

Sector Spotlight: Can The Market Hold Here?


Market Recap For September 2nd, 2022

Friday unfolded as anticipated in our previous Spotlight, at least for an hour or so. After that, it was more of the same, which has been lower.

The Thursday-Friday low is crucial. Hold and there’s a chance that the bulls can retake control. Break and odds increase the new bear market lows are coming.

Yesterday’s Sector Performance

Oil rallied out of the gate on Friday which pushed Energy stocks higher.

Communication Services brought up the rear.

Five-Day Sector Performance

Utilities ended up winning the week, although barely.

Technology and Materials finished neck and neck at the bottom.

ETF Trade Watch

Technology Select Sector SPDR (XLK)

Materials Select Sector SPDR (XLB)

Thursday was the only bright spot in the market last week, at least for the bulls. For the bears, it was a great week, and one that looks to continue into this week.

If the decline does pick up steam, the XLB and XLK could be top targets for bears, being that Materials and Tech were the weakest sectors.

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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