ETF Sector Spotlight For 07/01/2022

July 4, 2022

Market Recap For July 1st, 2022

Even though the day-to-day was rocky last week, the overarching current was expected to be higher. Friday’s rally seems to keep that forecast intact.

Unless the S&P completely reverses today, new recovery highs should be expected, at some point. However, that would still be within a larger bear market view.

Yesterday’s Sector Performance

Utilities led the market on Friday, which was the 3rd day in a row.

Technology was the weakest sector.

Five-Day Sector Performance

To no real surprise, Utilities ended up winning the week.

Discretionary, Services and Tech all finished the week clustered at the bottom.

ETF Trade Watch

Utilities Select Sector SPDR (XLU)

Energy Select Sector SPDR (XLE)

Utilities have been on a run but may be getting a bit stretched. Either way, traders may want to watch the XLU for potential trading opportunities.

Oil rallied a bit on Friday, as did most Energy stocks. The XLE would likely benefit from a further market and oil rally, but support is looming just below.

Good luck!

About The Author

Christian Tharp, CMT

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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