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Sector Spotlight: Congestion Continues

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Market Recap For September 7th, 2022

All eyes were monitoring the 3900 area on the S&P, and the level held long enough for the bulls to take some control.

Yesterday’s run should have more life in it, even if a pullback takes hold first, but ultimately new lows should be coming soon.

Yesterday’s Sector Performance

Utilities barely edged out Discretionary for Wednesday’s win.

Energy was the only sector in the red, thanks to oil’s rough day.

Five-Day Sector Performance

Utilities are now on top of the weekly as well.

Energy got hit very hard yesterday and is the clear laggard over the past week.

ETF Trade Watch

Utilities Select Sector SPDR (XLU)

Energy Select Sector SPDR (XLE)

Oil’s drop does not appear to be over, and that means Energy stocks could be in trouble. The XLE should see lower prices over the coming weeks.

On the other end of the spectrum is Utilities. The sector is leading on the daily and weekly, so bullish traders might want to look at the XLU.

Good luck!

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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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