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Sector Spotlight: Is The Market Ready To Make New 52-Week Lows?


Market Recap For September 29th, 2022

Wednesday’s rally seemed to confirm a rally had taken hold, but Thursday couldn’t have been more opposite than what was expected.

Not only did stocks not rally, but they also completely reversed Wednesday’s gains. What makes forecasting today more challenging was the end of day rally.

Yesterday’s Sector Performance

Energy held on better than most, barely closing in the red.

Even with the bounce into the close, Utilities ended up down 4 percent.

Five-Day Sector Performance

Healthcare is still leading the week, nearly in the green as well.

Utilities were not helped by yesterday’s underperformance.

ETF Trade Watch

Utilities Select Sector SPDR (XLU)

Healthcare Select Sector SPDR (XLV)

Major indices have been battling at or around their June bear market lows, and its challenging to gauge who wins the fight – the bulls or the bears?

What is known is that the XLU has struggled mightily, while the XLV has held on very well over the past week.

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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