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Sector Spotlight: Consolidation Continues


Market Recap For September 28th, 2022

Turns out, the lower prices forecast for the week came and went with mostly a whimper, hitting the low on Tuesday.

Expectations were for the decline to end quickly with a rally being close. Wednesday appears to have kicked off a rally, one that should last for days, if not weeks.

Yesterday’s Sector Performance

Energy continued its rally in a big way yesterday.

In somewhat of a surprise, Technology lagged the rest of the market.

Five-Day Sector Performance

Healthcare is still leading the week, but that will change if markets press higher.

Utilities have moved to the bottom over the past week.

ETF Trade Watch

Consumer Discretionary Select Sector SPDR (XLY)

Communication Services Select Sector SPDR (XLC)

As stated in yesterday’s Spotlight, a rally was closing in on the bears, and Wednesday validated that forecast.

The rally should have more to go, and if so, look for ETFs like the XLY and XLC to take a leadership role.

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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