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ETF Sector Spotlight For 11/08/2021

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Market Recap For November 8th, 2021

Major indices pushed higher to start the week, which brings the S&P to 17 out of 19 days being to the upside.

Not only has the S&P reached channel resistance, but the benchmark index also failed to confirm the Dow’s high yesterday. Possibly pullback in the making?

Yesterday’s Sector Performance

Materials started the week on top, followed by Energy.

Utilities and Consumer Discretionary were firmly in the red.

Five-Day Sector Performance

Materials and Technology are now together on top of the past week.

Utilities are alone at the bottom.

ETF Trade Watch

Technology Select Sector SPDR (XLK)

Materials Select Sector SPDR (XLB)

It’s getting harder and harder to want to be long for any length of time with the market being as extended as it is.

However, there’s nothing saying it can’t extend further, and as of now it seems the XLK and XLB are the two top beneficiaries.

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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