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Sector Spotlight: The Street Runs Red

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Market Recap For September 21st, 2022

As expected, the major indices broke out of their respective ranges. Initially, they popped to the upside, only to end up revering lower to break out of the bottom.

Nothing about yesterday’s close was bullish. Levels were broken, new lows of the month were hit, and indices closed on their lows. Nothing good.

Yesterday’s Sector Performance

Consumer Staples held up best yesterday.

Discretionary and Communication Services ended up on the bottom.

Five-Day Sector Performance

Consumer Staples Are still on top of the weekly, albeit still in the red.

Real Estate and Energy are the weakest.

ETF Trade Watch

Communication Services Select Sector SPDR (XLC)

Consumer Discretionary Select Sector SPDR (XLY)

Markets looked awful at yesterday’s close. Of course, markets are always free to change their minds, but right now they are clearly pointing lower.

If stocks do drop further, Discretionary and Services seem ready to lead the way, and that should favor bearish plays on the XLC and XLY.

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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