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Stock market attempt rally after new lows - May 13, 2022
Related:
The stock market started the year with a selloff - January 7, 2022
The stock market continue with the inflation tolerant stocks - January 15, 2022
The stock market was decimated into correction territory - January 21, 2022
The stock market close the week off on a positive note - January 28, 2022
The stock market show recovery for the second consecutive week - February 4, 2022
The stock market gave back previous week's gains - February 11, 2022
The stock market conditions seem to be deteriorating - February 18, 2022
The stock market is trying to rebound after Russia invades Ukraine - February 25, 2022
The stock market may be looking to test the bottom soon - March 4, 2022
The stock market made a closing low this week - March 11, 2022
The stock market closed strong this week despite first rate hike - March 18, 2022
The stock market rise for the second consecutive week - March 25, 2022
The stock market took a breather this week - April 1, 2022
The stock market conditions deteriorated this week - April 8, 2022
The stock market conditions continue to deteriorate this week - April 15, 2022
Was the recent rally since March 14 bottom a bear market rally? - April 22, 2022
Nasdaq and Russell 2000 confirmed bear market rally - April 29, 2022
Is stock market showing signs of bottoming? - May 6, 2022
Stock market decimated rally and S&P 500 made new intraday bear market - May 20, 2022
Stock market is on the verge of relief rally - May 27, 2022
The market rally took a pause this week - June 3, 2022
Is this another bear market rally? - June 10, 2022
Bear market continues as stock market indices made new low - June 17, 2022
The stock market show signs of improvements - June 24, 2022
This has been a disappointing week for the stock market - July 1, 2022
The stock market rebound strongly this week - July 8, 2022
The stock market is stuck in a trading range - July 15, 2022
The stock market breaks out - July 22, 2022
Why is stock market bullish today, or is it going to turn bearish soon
Is stock market ready for a pause or will it continue this rally? - August 5, 2022
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Stock market attempt rally after new lows - May 13, 2022
What happen to the market this week?
The major indices continue to trend downward and make new lows until it rebounds on Thursday morning. The two day rebound signals some sort of oversold level. The market has shown a lot of volatility. There is no signal of confirmed uptrend yet so it could still be a bear market rally. It is wise to hold off on buying until a clearer sign emerge.
Although the market did rebound late in the week, the major indices still incur significant losses.
| Index | May 9 to 13 |
| Nasdaq | -2.80% |
| S&P 500 | -2.41% |
| Dow Jones | -2.14% |
| Russell 2000 | -2.55% |
Is stock market showing signs of bottoming?
This last week was yet another volatile week. If anything has proven in this bear market for this year, is that anything can happen. This includes potential bear market rally that sucks you in and only to throw you in a loop back down.
| 2021-2022 Correction | |
| Nasdaq (since Nov 22, 2021) | -31.48% |
| S&P 500 (since Jan 4, 2022) | -19.92% |
| Dow Jones (since Jan 5, 2022) | -15.49% |
| Russell 2000 (since Nov 8, 2021) | -30.82% |
The inflation story has not gone away. It is still very high as the Consumer price index (CPI) and Producer price index (PPI) shows this week. The Fed will continue its aggressive stance until these numbers start to come down significantly. Hence, the inflation environment may cause further slowdown of economic growth. Major causes of this inflation are still around as Russia continues its war with Ukraine and the covid lockdown seems to persist in China.
Until any of the major stories change, it is unlikely that the market can have a sustainable uptrend. However, with that being said, it is prudent to pay attention to daily market movements as the market trend could turn in a dime if it believes the worst has been priced into the market.
What is the current support level?
All the indices fell further below its 50 days moving average. This is a bearish sign.
- NASDAQ - below its 50 days moving average line near 13500; current at 11805
- S&P 500 - below its 50 days moving average line near 4380; current at 4023
- DJIA - below its 50 days moving average line near 34100; current at 32196
- RUSSELL 2000 - below its 50 days moving average line near 2010; current at 1792
Psychological levels
- Nasdaq is now below 12000.
- S&P 500 is now above 4000.
- Dow Jones Industrial Average is now below 33000.
- Small cap Russell 2000 is now below 1800.
The S&P 500 correct below 4000 level and then was able to close back above it. This might be a good sign. Watch for this to hold in the next week if the market were to have any sort of rally from here.
Stock market breadth - Accumulation vs Distribution for this week:
| Accumulation | Distribution | |
| #industry groups | 23 | 39 |
| #stocks | 121 | 187 |
The market uptrend has deteriorated significantly as there continues to be more distribution than accumulation in recent weeks.
Check out our course How to measure or calculate stock market breadth.
Which stocks from each industry group show strength?
| Sector | Industry | Sub-group | # | Stocks |
| Technology | Technology | Computer Software: Prepackaged Software (Special) | 3 | AVLR, DCT, VRRM |
| Technology | Technology | Computer Software: Prepackaged Software (Database) | 1 | NTCT |
| Technology | Technology | Computer Software: Prepackaged Software (Design) | 1 | APPN |
| Technology | Technology | Computer Software: Prepackaged Software (Education/Media) | 2 | BCOV, DUOL |
| Technology | Technology | EDP Services (Gaming) | 1 | EA |
| Technology | Technology | Computer Communications Equipment | 2 | DGII, SWIR |
| Technology | Technology | EDP Services (Tech Services) | 3 | HPE, PRCH, TIXT |
| Technology | Technology | Semiconductors | 1 | SITM |
| Technology | Technology | Semiconductors (Manufacturing) | 1 | STM |
| Technology | Technology | Computer Software: Programming, Data Processing (Content) | 3 | ANGI, BMBL, DHX |
| Technology | Technology | EDP Services | 1 | SWCH |
| Technology | Consumer Services | Television Services | 1 | CMCSA |
| Technology | Public Utilities | Telecommunications Equipment (Integrated) | 1 | CHTR |
| Technology | Consumer Durables | Telecommunications Equipment | 1 | LITE |
| Retail | Consumer Services | Clothing/Shoe/Accessory Stores | 1 | VRA |
| Retail | Capital Goods | Auto Manufacturing | 2 | RIDE, STLA |
| Retail | Capital Goods | Auto Parts:O.E.M. (Parts) | 2 | DORM, XPEL |
| Retail | Consumer Non-Durables | Beverages Alcoholic (Production/Distribution) | 1 | TAP |
| Retail | Consumer Non-Durables | Beverages Non-Alcoholic (Production/Distribution) | 5 | CCEP, CELH, FIZZ, KO, MNST |
| Retail | Consumer Non-Durables | Consumer Electronics/Appliances | 2 | CRON, ENR |
| Retail | Consumer Non-Durables | Package Goods/Cosmetics | 3 | IFF, NUS, PBH |
| Retail | Consumer Non-Durables | Packaged Foods | 1 | INGR |
| Retail | Consumer Non-Durables | Packaged Foods | 6 | CPB, KHC, NOMD, PEP, SJM, STKL |
| Retail | Consumer Durables | Office Equipment/Supplies/Services | 1 | PRPL |
| Retail | Consumer Services | Consumer Electronics/Video Chains | 1 | CNK |
| Retail | Consumer Non-Durables | Recreational Products/Toys, Motor Vehicles | 1 | MBUU |
| Retail | Consumer Services | Television Services | 1 | GHC |
| Retail | Consumer Services | Television Services | 1 | NXST |
| Retail | Consumer Services | Automotive Aftermarket (Parts) | 1 | ORLY |
| Retail | Consumer Durables | Automotive Aftermarket | 1 | PAG |
| Retail | Consumer Services | Department/Specialty Retail Stores | 2 | BIG, GO |
| Retail | Health Care | Medical/Nursing Services | 1 | HVT |
| Retail | Miscellaneous | Business Services (Internet) | 1 | OLO |
| Retail | Consumer Services | Restaurants | 2 | DIN, NDLS |
| Retail | Consumer Services | Other Specialty Stores | 1 | RBA |
| Retail | Consumer Services | Food Chains | 1 | MUSA |
| Retail | Basic Industries | Package Goods/Cosmetics | 1 | CLX |
| Retail | Consumer Non-Durables | Farming/Seeds/Milling | 2 | BTI, PM |
| Industrial | Capital Goods | Military/Government/Technical | 1 | ISSC |
| Industrial | Consumer Durables | Consumer Electronics/Appliances | 2 | AAON, LII |
| Industrial | Consumer Durables | Building Products | 3 | BLDR, SPB, TREX |
| Industrial | Capital Goods | Engineering & Construction | 1 | FLR |
| Industrial | Finance | Diversified Commercial Services | 1 | MYRG |
| Industrial | Basic Industries | Major Chemicals: Others | 2 | CNEY, OEC |
| Industrial | Technology | Advertising | 1 | QNST |
| Industrial | Technology | Diversified Commercial Services | 1 | R |
| Industrial | Consumer Durables | Containers/Packaging | 1 | SLVM |
| Industrial | Miscellaneous | Industrial Machinery/Components | 2 | IIVI, LFUS |
| Industrial | Capital Goods | Fluid Controls | 1 | DXPE |
| Industrial | Basic Industries | Metal Fabrications | 1 | PKOH |
| Industrial | Basic Industries | Paper | 1 | CLW |
| Industrial | Basic Industries | Environmental Services | 1 | CECE |
| Industrial | Transportation | Trucking Freight/Courier Services | 1 | EXPD |
| Industrial | Public Utilities | Power Generation | 6 | AVA, CMS, GNE, NRG, WEC, XEL |
| Industrial | Public Utilities | Oil/Gas Transmission | 1 | SWX |
| Health | Health Care | Major Pharmaceuticals | 8 | AMGN, BHVN, BNTX, CNCE, DVAX, GILD, SGEN, TWST |
| Health | Health Care | Major Pharmaceuticals (Ethical Drugs) | 2 | GRFS, MRK |
| Health | Health Care | Major Pharmaceuticals (Generic Drugs) | 1 | PRGO |
| Health | Health Care | Hospital/Nursing Management | 1 | SEM |
| Health | Health Care | Medical/Nursing Services | 1 | AHCO |
| Health | Health Care | Biotechnology: Commercial Physical & Biological Research | 1 | MYGN |
| Health | Health Care | Biotechnology: Electromedical & Electrotherapeutic Apparatus | 4 | HAE, HOLX, MASI, SWAV |
| Commodities | Energy | Coal Mining | 1 | METC |
| Commodities | Energy | Integrated oil Companies | 1 | PBR |
| Commodities | Energy | Integrated oil Companies | 1 | DINO |
| Commodities | Energy | Natural Gas Distribution | 1 | STNG |
| Financial | Finance | Commercial Banks | 1 | ITUB |
| Financial | Finance | Major Banks (Northeast) | 1 | FFIC |
| Financial | Consumer Services | Real Estate Investment Trusts | 1 | SKT |
| Financial | Consumer Services | Other Consumer Services (Specialty) | 1 | HRB |
| Financial | Finance | Specialty Insurers | 3 | EHTH, RYAN, SLQT |
| Financial | Finance | Property-Casualty Insurers (Diversified) | 1 | PLMR |
| Financial | Finance | Property-Casualty Insurers | 1 | MHLD |
Which stocks from each industry group show weakness?
| Technology | Technology | Computer Software: Prepackaged Software (Special) | -2 | IS, SPSC |
| Technology | Technology | Computer Software: Prepackaged Software (Database) | -1 | NEWR |
| Technology | Technology | Computer Software: Prepackaged Software (Design) | -1 | U |
| Technology | Technology | Computer Software: Prepackaged Software (Education/Media) | -1 | ARCE |
| Technology | Technology | Computer Software: Prepackaged Software (Enterprise) | -2 | AVYA, WKME |
| Technology | Technology | Computer Software: Prepackaged Software (Financial) | -2 | ARBK, JKHY |
| Technology | Technology | EDP Services (Medical) | -1 | GDRX |
| Technology | Technology | Computer Software: Prepackaged Software (Security) | -4 | NLOK, SAIL, STER, VRSN |
| Technology | Technology | Computer Manufacturing | -2 | CRCT, TACT |
| Technology | Technology | EDP Services (Tech Services) | -4 | CACI, CTG, CTSH, INFY |
| Technology | Technology | Semiconductors (Manufacturing) | -1 | TSEM |
| Technology | Technology | EDP Services | -1 | TCX |
| Technology | Public Utilities | Telecommunications Equipment (Foreign) | -1 | VOD |
| Technology | Public Utilities | Telecommunications Equipment (Wireless) | -1 | USM |
| Technology | Technology | Radio And Television Broadcasting And Communications Equipment | -1 | SATS |
| Retail | Consumer Services | Clothing/Shoe/Accessory Stores | -2 | FIGS, VNCE |
| Retail | Consumer Non-Durables | Shoe Manufacturing | -1 | BIRD |
| Retail | Capital Goods | Auto Manufacturing | -1 | TM |
| Retail | Capital Goods | Auto Parts:O.E.M. (Parts) | -1 | SMP |
| Retail | Consumer Non-Durables | Beverages Non-Alcoholic (Production/Distribution) | -1 | NBEV |
| Retail | Consumer Services | Other Consumer Services | -2 | AFYA, LOPE |
| Retail | Consumer Non-Durables | Meat/Poultry/Fish | -2 | CALM, TSN |
| Retail | Consumer Non-Durables | Plastic Products | -2 | TUP, WEBR |
| Retail | Consumer Services | Hotels/Resorts (Gaming) | -1 | EBET |
| Retail | Consumer Services | Consumer Electronics/Video Chains | -2 | CSSE, RDI |
| Retail | Consumer Non-Durables | Recreational Products/Toys, Motor Vehicles | -1 | NLS |
| Retail | Consumer Services | Marine Transportation | -4 | FXLV, MSGS, SIX, XPOF |
| Retail | Miscellaneous | Business Services | -4 | DESP, SABR, SOND, VCSA |
| Retail | Consumer Services | Television Services | -2 | SSP, TGNA |
| Retail | Consumer Services | RETAIL: Building Materials | -1 | LL |
| Retail | Consumer Non-Durables | Consumer Specialties | -1 | BRLT |
| Retail | Consumer Services | Clothing/Shoe/Accessory Stores | -1 | BURL |
| Retail | Consumer Services | Consumer Electronics/Video Chains | -1 | BBY |
| Retail | Consumer Services | Department/Specialty Retail Stores | -1 | KSS |
| Retail | Miscellaneous | Business Services (Internet) | -2 | EBAY, RENT |
| Retail | Consumer Services | Other Specialty Stores (Leisure) | -1 | DTC |
| Retail | Consumer Services | Department/Specialty Retail Stores | -1 | WMT |
| Retail | Consumer Services | Restaurants | -6 | BH, BROS, JACK, PLAY, RRGB, SG |
| Retail | Consumer Services | Other Specialty Stores | -3 | EYE, JOAN, WRBY |
| Retail | Consumer Services | Food Chains | -1 | IMKTA |
| Industrial | Capital Goods | Military/Government/Technical | -3 | BA, CODA, RADA |
| Industrial | Consumer Durables | Building Products | -1 | GCP |
| Industrial | Capital Goods | Engineering & Construction | -1 | ACM |
| Industrial | Basic Industries | Forest Products | -1 | WFG |
| Industrial | Basic Industries | Major Chemicals: Others | -2 | FF, MEOH |
| Industrial | Miscellaneous | Business Services | -3 | ICFI, MMS, STN |
| Industrial | Technology | Professional Services | -1 | AMN |
| Industrial | Consumer Durables | Containers/Packaging | -3 | BERY, BLL, SEE |
| Industrial | Technology | Industrial Machinery/Components | -1 | ETN |
| Industrial | Miscellaneous | Industrial Machinery/Components | -1 | WCC |
| Industrial | Capital Goods | Fluid Controls | -1 | SXI |
| Industrial | Energy | Industrial Machinery/Components | -1 | DM |
| Industrial | Capital Goods | Industrial Machinery/Components (Tools) | -1 | KMT |
| Industrial | Basic Industries | Metal Fabrications | -1 | RYI |
| Industrial | Basic Industries | Aluminum | -4 | CMC, IIIN, NNBR, ROCK |
| Industrial | Consumer Services | Office Equipment/Supplies/Services | -1 | DLX |
| Industrial | Basic Industries | Paper | -2 | GPK, WRK |
| Industrial | Transportation | Railroads | -1 | CNI |
| Industrial | Consumer Services | Marine Transportation | -1 | NMM |
| Industrial | Capital Goods | Auto Manufacturing | -1 | OSK |
| Industrial | Public Utilities | Power Generation | -1 | PCG |
| Industrial | Basic Industries | Electric Utilities: Central | -1 | EIX |
| Health | Health Care | Major Pharmaceuticals | -14 | ACET, ACOR, ANAB, ATRA, BGNE, EBS, ENTA, EPZM, HRTX, RARE, RPTX, STRO, SURF, TRVN |
| Health | Health Care | Hospital/Nursing Management | -1 | HCA |
| Health | Health Care | Medical/Nursing Services | -2 | DVA, FMS |
| Health | Health Care | Medical/Dental Instruments | -2 | HSKA, ICUI |
| Health | Health Care | Medical Specialities (Supplies) | -1 | BDX |
| Health | Health Care | Biotechnology: Electromedical & Electrotherapeutic Apparatus | -1 | PLSE |
| Commodities | Energy | Industrial Machinery/Components | -3 | EVA, IEA, NEP |
| Commodities | Basic Industries | Precious Metals | -9 | AEM, BVN, FNV, GOLD, KGC, MUX, PAAS, SSRM, WPM |
| Commodities | Basic Industries | Precious Metals | -1 | SCCO |
| Commodities | Energy | Oilfield Services/Equipment | -1 | MTRX |
| Commodities | Energy | Oil & Gas Production (International) | -1 | OVV |
| Commodities | Energy | Metal Fabrications | -2 | GEOS, MRC |
| Commodities | Energy | Oil & Gas Production (U.S.) | -4 | AR, CRK, GPOR, LPI |
| Commodities | Basic Industries | Steel/Iron Ore | -2 | NUE, STLD |
| Commodities | Basic Industries | Steel/Iron Ore | -1 | ATI |
| Financial | Finance | Commercial Banks | -1 | BLX |
| Financial | Finance | Major Banks (Midwest) | -1 | HBNC |
| Financial | Finance | Major Banks | -1 | BAC |
| Financial | Finance | Major Banks (Northeast) | -1 | LBAI |
| Financial | Finance | Major Banks (Southeast) | -3 | AUB, LOB, TRMK |
| Financial | Finance | Major Banks (Regional) | -2 | KEY, TFC |
| Financial | Finance | Finance: Consumer Services | -5 | COF, MOGO, RM, UPST, WRLD |
| Financial | Miscellaneous | Business Services | -1 | IIIV |
| Financial | Finance | Investment Managers | -2 | MN, NOAH |
| Financial | Consumer Services | Real Estate Investment Trusts | -7 | AHT, CLDT, CXW, GEO, LAND, SLG, TRNO |
| Financial | Finance | Major Banks (Savings) | -1 | SYF |
| Financial | Consumer Services | Other Consumer Services (Specialty) | -3 | BCSF, HIVE, PRAA |
| Financial | Finance | Accident &Health Insurance | -1 | CNO |
| Financial | Finance | Property-Casualty Insurers (Diversified) | -3 | AIG, JXN, MFC |
| Financial | Finance | Life Insurance | -1 | MET |
| Financial | Finance | Property-Casualty Insurers | -5 | HRTG, PGR, SIGI, THG, UIHC |
| Financial | Finance | Real Estate | -1 | JLL |
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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