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Sector Spotlight: This Is A Big Week For Earnings

Christian Tharp October 24, 2022

Market Recap For October 24th, 2022

The major indices extended their Friday rally into the start of this week. However, it was not an “all aboard” rally, as many stocks never made it into the green.

The one-two punch of Friday and Monday could be ready to cool off a bit, but if the S&P takes out 3800, look for another leg up for the rally.

Yesterday’s Sector Performance

Healthcare and Staples led the market, showing a defensive posture.

Materials finished last week strong, but started this week off in the red.

Five-Day Sector Performance

Energy held its spot on top of the weekly chart.

Real Estate is now the weakest sector, and the only one in the red.

ETF Trade Watch

Consumer Staples Select Sector SPDR (XLP)

Healthcare Select Sector SPDR (XLV)

This week started off with Healthcare and Consumer Staples leading the charge, but that may not continue if the rally picks up steam.

Until that happens, or leadership changes hands, the XLP and XLV are breaking away and could be considered for long trade opportunities.

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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