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The stock market continue with the inflation tolerant stocks - January 15, 2022

January 16, 2022
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market update

What happen to the market today?

The stock market continue with the inflation tolerant stocks in the energy sector.

Overall the market indices suffer small losses.

Index	Jan. 10-14
Nasdaq	-0.28%
S&P 500	-0.30%
Dow Jones	-0.88%
Russell 2000	-0.80%

With inflation data hitting multi-decade high such as the CPI, it pushes investors to continue buying dividend and inflation hedge stocks such as in the energy sector. See below for industry groups under accumulation.

What is the current support level?

Nasdaq bounce off its 200 days moving average for the second time. Look for support here.

S&P 500 also fell below its 50 days moving average and is trying to find support.

Dow Jones Industrial Average is trying to hold near its 50 days moving average.

Russell 2000 fell below its 10 and 21 days moving average. The technical characteristics have deteriorated.

NASDAQ - below its 50 days moving average line near 15600; current at 14893
S&P 500 - below its 50 days moving average line near 4660; current at 4662
DJIA - above its 50 days moving average line near 35800; current at 35911
RUSSELL 2000 - below its 50 days moving average line near 2280; current at 2162

Psychological levels

Nasdaq is now below 15000.
S&P 500 is now below 4700.
Dow Jones Industrial Average is now below 36000.
Small cap Russell 2000 is now below 2200.

Stock market breadth - Accumulation vs Distribution for this week:

#industry groups 54 vs 61

#stocks 250 vs 320

The stock market breadth continue to be overwhelmed by more selling than buying, but as shown below some sectors are under accumulation.

Check out our course How to measure or calculate stock market breadth.

Which industry groups show strength?

Market show accumulation mostly in the energy sector.

Sector	Industry	Sub-group	#	Stocks
Technology	Technology	Semiconductors (Equip)	4	AMAT, KLAC, ONTO, VECO

Retail	Consumer Services	Television Services	3	DISCA, DISCK, NXST
Retail	Consumer Non-Durables	Farming/Seeds/Milling	2	MO, PM

Commodities	Basic Industries	Agricultural Chemicals	4	MOS, SMG, SQM, UAN
Commodities	Energy	Coal Mining	3	BTU, CNX, METC
Commodities	Energy	Oil & Gas Production (Canada)	2	CNQ, ERF
Commodities	Energy	Oilfield Services/Equipment	4	HAL, PUMP, RES, SLB
Commodities	Energy	Integrated oil Companies	11	AM, BP, CVX, EQT, MRO, PBR, PTR, RDS.A, SNP, WMB, XOM
Commodities	Energy	Oil & Gas Production (International)	5	APA, COP, HES, OVV, OXY
Commodities	Energy	Metal Fabrications	2	FTI, GEOS
Commodities	Energy	Integrated oil Companies	9	CEQP, CVI, GLP, HFC, MPC, NS, PBF, PSX, TRGP
Commodities	Energy	Natural Gas Distribution	7	EPD, FLNG, KMI, MPLX, PAA, SHLX, WES

Financial	Finance	Major Banks (West)	11	BANR, CFR, COLB, CVBF, EWBC, FFWM, FHB, IBTX, PB, WAFD, WAL
Financial	Capital Goods	Homebuilding	2	KBH, PHM

Which industry groups from recent strength show weakness this week?

Relative strength drops by 5%
Retail	Consumer Non-Durables	Packaged Foods	8	BGS, CAG, CPB, GIS, K, LW, POST, SJM

Relative strength drops by 3%
Retail	Consumer Services	Food Chains	-4	CASY, IMKTA, MUSA, TA

Relative strength drops by 15%
Industrial	Public Utilities	Power Generation	6	CMS, CPK, DUK, GNE, NRG, WEC

Below 50 days moving average
Commodities	Energy	Oil & Gas Production (Royalty Trust)	3	PBT, SBR, SJT

Relative strength drops by 5%
Commodities	Basic Industries	Steel/Iron Ore	3	GGB, MT, TS

Relative strength drops by 3%
Financial	Finance	Major Banks (Midwest)	3	HDB, KB, SHG

Relative strength drops by 2%
Financial	Finance	Major Banks (Northeast)	5	CFG, CNOB, MTB, TBBK, WBS

Relative strength drops by 4%
Financial	Finance	Major Banks (Regional)	8	CMA, FITB, HBAN, KEY, NTRS, RF, TFC, USB

Relative strength drops by 1%
Financial	Finance	Investment Bankers/Brokers/Service	2	CS, SCHW

Relative strength drops by 5%
Financial	Consumer Services	Real Estate Investment Trusts	3	MPW, SLG, SRC

Relative strength drops by 1%
Financial	Finance	Major Banks (Savings)	3	ISBC, NWBI, PBCT

Disclaimer: MCBOSS CAPITAL provides financial education and information research. None of this information should be used for investment purpose. Please seek professional advice. Information provided may not always be accurate.

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