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Wealthpop News

Sector Spotlight: Consolidation Is Back


Market Recap For November 16th, 2022

Wednesday was one of the most lackluster days in the market since the bear began, as the major indices stayed within a small trading range all-day.

The NDX and S&P have hovered on top of short-term supports for a couple of days now, and a break of them should signal a minimum 1-2 percent downside move.

Yesterday’s Sector Performance

Defensive sectors Utilities and Staples ended up green on the day.

Oil dragged Energy stocks lower than most.

Five-Day Sector Performance

Communication Services are still the weekly leader, just ahead of Tech.

Healthcare is at the bottom, with Staples just above.

ETF Trade Watch

Communication Services Select Sector SPDR (XLC)

Energy Select Sector SPDR (XLE)

Even though markets decline a bit on Wednesday, not enough happened to change the forecast from yesterday’s Spotlight.

The XLC would still seem to be a top candidate for a market rally, and every time the XLE pulls back lately it has ended up being a good buying opportunity.

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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