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Sector Spotlight: Market Gains Ahead Of Thanksgiving


Market Recap For November 23rd, 2022

As expected, stocks moved higher on Wednesday, slowly inching their way the resistance cited back in October.

Although it may not happen by week’s end, the S&P should make it up to the 4100 area, give or take. That is where the major inflection point sits for this rally.

Yesterday’s Sector Performance

Discretionary and Services rose to the top of Wednesday’s market.

Somewhat surprisingly, Energy stocks struggled, thanks to the drop in oil.

Five-Day Sector Performance

Consumer Staples are still leading the week, no change here.

Wednesday’s drop sent Energy back down to the bottom of the pile.

ETF Trade Watch

Communication Services Select Sector SPDR (XLC)

Consumer Discretionary Select Sector SPDR (XLY)

Tuesday’s leaders failed to follow through on Wednesday, and they were replaced by Services and Discretionary stocks.

So, hard to say if the leadership will change again as the week comes to an end, but if it stays as it was on Wednesday, the XLC and XLY should hold up well.

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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