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Is This a Market Shakeout or Another Leg Down? Plus My Top ETF

by | Jun 16, 2022

U.S. stock futures are down this morning as the major indices give up their gains following Wednesday’s post-Federal Reserve meeting rally — and more in Thursday’s stock market recap.

The fact that the market rallied after the Fed raised interest rates by three-quarters of a point is a positive sign that has me more focused on where the market is going to close on Thursday than where it opened. 

If what we’re seeing now is just a market shake out, volatility via the VIX, or fear gauge, won’t head much higher… 

But what I’m paying the most attention to right now is if the Consumer Discretionary Select Sector SPDR Fund (NYSEArca: XLY), which has been one of the weakest sectors for a while, is going to break its lows or not. If you look at its recent price action, you’ll notice it’s been holding up well so far… 

And as long as the XLY stays above the $136 level, we’ll be in good shape. 

In this morning’s stock market recap video, I’ll explain why we need to pay attention to the market’s lows… if volatility will break new highs… whether the Consumer Discretionary sector will break its lows… how the market will react to the latest Fed reports… an update on key sectors…whether the market is pricing in more downside… and if the bond market will dictate more corrective pressure. 

Don’t forget to like and subscribe to our YouTube channel if you haven’t already so you can be notified as soon as we post our next video and see what other trade opportunities we’re paying close attention to! 

P.S. I’ve been working on a brand-new way to trade the stock market for the past six months… 

When things started getting dicey in January, I set out to optimize 64 secret market patterns that date back to the 18th century… 

With the idea of “trading stocks” without having to worry about the stock itself! 

That means no fundamental analysis or technical indicators… 

And I just broke down the step-by-step instructions for what I see as a true “trading breakthrough.” 

Learn More Here! 

P.P.S. When it comes to trading, every second counts. And in choppy markets like these, often driven by headlines, stocks can make big moves in a flash.

That’s why I want you to get my latest trading ideas and market updates as fast as possible. So I’m rolling out an all-new option for my students to receive trade alerts with Telegram!

Telegram allows me to get trade ideas, videos and watchlists to you in a matter of seconds.

Check out this short article we put together with instructions on how to download telegram and access my private channel. Go here to get the details. 

Stock Market Recap: By the Numbers

This morning’s stock market futures recap: 

DOW (mini)

  • Close: 30,668.53.
  • Futures: 30,119.
  • Change: -532.

S&P 500 (mini)

  • Close: 3,789.99.
  • Futures: 3,713.5.
  • Change: -79.75.

NASDAQ (mini)

  • Close: 1,593.77.
  • Futures: 11,348.
  • Change: -280.5.

RUSSELL (mini)

  • Close: 1,731.14.
  • Futures: 1,696.2.
  • Change: -36.3.

Note: Updated as of 9:19  a.m. EDT.

Each Thursday, I’ll combine two of my favorite things into a big-money opportunity: options plays and ETFs. Using options, we can turn momentum analysis of a specific sector — or even an entire country’s stock market — into an actionable trade with double- or triple-digit upside potential. I’ll give you all the details you need to execute this plan.

Need help understanding some basics that we discuss frequently? Check out some of our educational pieces to help get yourself up to speed! Have a question or a topic you’d like us to explain in a future article? Send your thoughts to support@marketgeeks.com

Check back each morning for the Roger Scott newsletter and the most important news and numbers in the WealthPress stock market recap.

WRITTEN BY<br>Roger Scott

Roger Scott

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