Sector Spotlight: Bearish Engulfing Candle for S&P
On this edition of StockCharts TV's Sector Spotlight, I start the month by evaluating the monthly charts for asset classes and sectors. Despite the weak ending of the month in September, three sectors managed to squeeze out a new all-time-high. However, none of them were able to hold on to these record levels as, for the first time in many months, there was not a single sector closing at a new closing high. The bond market has put in a new lower high on the monthly chart and looks poised to head lower. The Industrials sector broke below its previous low on the monthly chart, which signals the start of a downtrend on this time frame. And the S&P 500 recorded a bearish engulfing candle on the monthly chart, which usually does not bode well for the near future.
This video was originally broadcast on October 5, 2021. Click anywhere on the Sector Spotlight logo above to view on our dedicated Sector Spotlight page, orclick this linkto watch on YouTube. You can also check out the video onthe StockCharts TV on-demand website StockChartsTV.com, or on the associated app on mobile platforms like iOS and Android, or TV platforms like Roku, Apple TV, Amazon Fire TV and Chromecast.
Sector Spotlight airs weekly on Tuesdays at 10:30-11:00am ET. Past episodes can be found here.
#StaySafe, -Julius
