Wealthpop News

Sector Spotlight: The Market’s Roller Coaster Ride

Christian Tharp September 9, 2022

Market Recap For September 8th, 2022

As expected, the market pushed higher yesterday. All major indices finished in the green, led by the Nasdaq.

Today’s outlook is the same as Thursday, which is for higher prices. That being said, multiple potential resistances sit overhead.

Yesterday’s Sector Performance

Healthcare slightly edged out Financials during yesterday’s runup.

Communication Services did not perform as well as others.

Five-Day Sector Performance

Healthcare also leads on the weekly chart.

Energy is trying to recover a bit, but the sector is still noticeably in the red.

ETF Trade Watch

Healthcare Select Sector SPDR (XLV)

Communication Services Select Sector SPDR (XLC)

Healthcare has been the top dog during this week’s rally. So, if the rally can extend, the XLV could be worth a look for bullish trades.

As stated above, the rally may very well push higher, but its time could be short. If a rollover takes hold, the XLC appears to be primed to lead the drop.

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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