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Sector Spotlight: Stocks Continue To Chop Along


Market Recap For October 20th, 2022

Once again, markets chopped up and down without making much progress in either direction. The close, however, ended on a bearish note.

Although it doesn’t seem as such over the past 3 days, the overall price action does have a bullish look to it. Today should bring a break out of the current malaise.

Yesterday’s Sector Performance

Communication Services ended up modestly in the green, and on top of the day.

Utilities were hit the hardest, followed by Industrials.

Five-Day Sector Performance

Services are also not on top of the weekly performance chart.

And Utilities are also on the bottom of the weekly chart.

ETF Trade Watch

Utilities Select Sector SPDR (XLU)

Communication Services Select Sector SPDR (XLC)

Even though the move off last Thursday’s low is still intact, the past few days have created a high level of uncertainty with regards to the next short-term move.

However, what is not uncertain is the leadership of Services and underperformance of Utilities. The XLC and XLP should be on the current watchlist.

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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