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Is stock market ready for a pause or will it continue this rally? - August 5, 2022
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The stock market close the week off on a positive note - January 28, 2022
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The stock market gave back previous week's gains - February 11, 2022
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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
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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 attempt rally after new lows - May 13, 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
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Is stock market ready for a pause or will it continue this rally? - August 5, 2022
What happen to the market this week?
Friday's job report was quite surprising with over 500,000 jobs gain. The market initially dropped but then most indices recovered by end of day. This is a bullish sign.
It will be healthy for the market to see some sideway action in the next week or so in order for the market to digest recent gains or it may continue to spring higher towards its longer term 200 days moving average.
The market indices have a good week. It has now risen 4 out of the last 5 weeks.
Index | Aug. 1 to 5 |
Nasdaq | 2.15% |
S&P 500 | 0.36% |
Dow Jones | -0.13% |
Russell 2000 | 1.94% |
What is the current support level?
The major indices continue to power higher above its 50 days moving averages. It is now fourteen sessions above this moving average. They are now rising towards its 200 days moving average.
- NASDAQ - above its 50 days moving average line near 11500; current at 12657
- S&P 500 - above its 50 days moving average line near 3920; current at 4145
- DJIA - above its 50 days moving average line near 31575; current at 32803
- RUSSELL 2000 - above its 50 days moving average line near 1780; current at 1921
Psychological levels
- Nasdaq is now above 12000.
- S&P 500 is now above 4100.
- Dow Jones Industrial Average is now above 32000.
- Small cap Russell 2000 is now above 1900.
The next strong resistance level may be from near the previous recent peak at beginning of June:
- Nasdaq 12320 (overcame this resistance and is now much higher)
- S&P 500 4177
- Dow Jones Industrial Average 33272
- Russell 2000 1919 (currently just sitting above this)
Stock market breadth - Accumulation vs Distribution for this week:
Accumulation | Distribution | |
#industry groups | 80 | 35 |
#stocks | 380 | 142 |
Accumulation significantly outpace distribution this week. That is a bullish sign as many stocks are bouncing from their bottoms and most are from earnings results.
Check out our course How to measure or calculate stock market breadth.
Which stocks from each industry group show strength?
There is a lot of accumulation this week in different sectors. This is a bullish sign as stocks are starting to set up further constructive patterns.
Sector | Industry | Sub-group | # | Stocks |
Technology | Technology | Computer Software: Prepackaged Software (Special) | 7 | DV, HUBS, IS, MFGP, SPSC, STEM, TEAM |
Technology | Technology | Computer Software: Prepackaged Software (Database) | 3 | AYX, CFLT, NEWR |
Technology | Technology | Computer Software: Prepackaged Software (Design) | 3 | ANSS, SNPS, U |
Technology | Technology | Computer Software: Prepackaged Software (Education/Media) | 2 | DUOL, PERI |
Technology | Technology | Computer Software: Prepackaged Software (Enterprise) | 16 | ATEN, CDLX, DDOG, DT, FIVN, LPSN, MGNI, MNDY, NET, NOW, PAYC, PCOR, PCTY, PLTR, SPT, ZI |
Technology | Technology | Computer Software: Prepackaged Software (Financial) | 2 | BCOR, COIN |
Technology | Technology | EDP Services (Medical) | 5 | AMWL, EVH, GDRX, MDRX, SGFY |
Technology | Technology | Computer Software: Prepackaged Software (Security) | 4 | CYBR, INVE, KNBE, PING |
Technology | Technology | Computer Manufacturing | 1 | CRSR |
Technology | Technology | EDP Services (Integrated System) | 1 | PAR |
Technology | Technology | Computer Communications Equipment | 4 | ANET, DGII, EXTR, SWIR |
Technology | Technology | EDP Services (Tech Services) | 4 | EPAM, GLOB, TASK, TIXT |
Technology | Technology | Semiconductors | 2 | AMD, MPWR |
Technology | Technology | Semiconductors (Equip) | 7 | ACLS, ACMR, AEHR, AEIS, COHU, KLIC, LRCX |
Technology | Technology | Semiconductors (Manufacturing) | 6 | AMKR, MTSI, PI, QRVO, SWKS, TSM |
Technology | Technology | Computer Software: Programming, Data Processing (Content) | 4 | GOOG, PINS, YELP, Z |
Technology | Consumer Services | Television Services | 2 | ATUS, DISH |
Technology | Public Utilities | Telecommunications Equipment (Wireless) | 2 | TDS, USM |
Technology | Technology | Radio And Television Broadcasting And Communications Equipment | 1 | MSI |
Technology | Consumer Durables | Telecommunications Equipment | 2 | AAOI, CLFD |
Technology | Technology | Radio And Television Broadcasting And Communications Equipment | 3 | CMBM, COMM, UI |
Retail | Consumer Services | Clothing/Shoe/Accessory Stores | 1 | GIL |
Retail | Consumer Non-Durables | Shoe Manufacturing | 1 | CROX |
Retail | Capital Goods | Auto Manufacturing | 3 | F, FSR, NKLA |
Retail | Capital Goods | Auto Parts:O.E.M. (Equipment) | 4 | CPS, INVZ, MOD, WKHS |
Retail | Consumer Non-Durables | Beverages Alcoholic (Production/Distribution) | 1 | MGPI |
Retail | Consumer Non-Durables | Consumer Electronics/Appliances | 1 | GPRO |
Retail | Consumer Durables | Specialty Chemicals | 2 | CENTA, TLRY |
Retail | Consumer Services | Other Consumer Services | 1 | AFYA |
Retail | Consumer Non-Durables | Package Goods/Cosmetics | 3 | CL, ELF, EPC |
Retail | Capital Goods | Industrial Machinery/Components | 3 | EMKR, OLED, ST |
Retail | Consumer Non-Durables | Packaged Foods (Dairy) | 2 | LWAY, OTLY |
Retail | Consumer Non-Durables | Meat/Poultry/Fish | 2 | BYND, IBA |
Retail | Consumer Non-Durables | Packaged Foods | 2 | JJSF, POST |
Retail | Consumer Durables | Office Equipment/Supplies/Services | 2 | LEG, SCS |
Retail | Consumer Non-Durables | Plastic Products | 3 | COOK, IRBT, TUP |
Retail | Consumer Services | Hotels/Resorts (Gaming) | 4 | CZR, DKNG, IGT, MGM |
Retail | Consumer Services | Consumer Electronics/Video Chains | 4 | AMC, DLPN, FUBO, MCS |
Retail | Consumer Non-Durables | Recreational Products/Toys, Motor Vehicles | 1 | FOXF |
Retail | Consumer Services | Marine Transportation | 8 | CAR, LYFT, LYV, PTON, RCL, SEAS, UBER, WMG |
Retail | Miscellaneous | Business Services | 2 | ABNB, TRIP |
Retail | Consumer Services | Books | 1 | PSO |
Retail | Consumer Services | Television Services | 1 | LSXMA |
Retail | Consumer Services | Television Services | 3 | NXST, SBGI, TGNA |
Retail | Consumer Services | Automotive Aftermarket (Parts) | 1 | PRTS |
Retail | Consumer Durables | Automotive Aftermarket | 4 | CVNA, CWH, SAH, VRM |
Retail | Consumer Services | RETAIL: Building Materials | 3 | FND, GWW, TITN |
Retail | Consumer Services | Clothing/Shoe/Accessory Stores | 2 | CHS, PLCE |
Retail | Health Care | Medical/Nursing Services | 1 | CVS |
Retail | Consumer Services | Other Specialty Stores | 2 | BBBY, HVT |
Retail | Miscellaneous | Business Services (Internet) | 6 | DASH, FVRR, JMIA, MELI, OLO, W |
Retail | Consumer Services | Restaurants | 5 | ARCO, PTLO, QSR, SBUX, SG |
Retail | Consumer Services | Other Specialty Stores | 1 | SBH |
Retail | Consumer Services | Food Chains | 3 | IMKTA, SFM, TA |
Retail | Transportation | Air Freight/Delivery Services | 1 | JBLU |
Industrial | Capital Goods | Military/Government/Technical | 3 | ESLT, HII, LMT |
Industrial | Consumer Durables | Consumer Electronics/Appliances | 1 | CARR |
Industrial | Basic Industries | Mining & Quarrying of Nonmetallic Minerals (No Fuels) | 2 | MLM, VMC |
Industrial | Consumer Durables | Building Products | 5 | AZEK, CSTE, TGLS, WMS, WTS |
Industrial | Capital Goods | Engineering & Construction | 1 | GVA |
Industrial | Industrial | Consumer Non-Durables | 3 | CVCO, SKY, WGO |
Industrial | Basic Industries | Major Chemicals: Others | 2 | APD, NGVT |
Industrial | Technology | Advertising | 2 | CRTO, QNST |
Industrial | Technology | Diversified Commercial Services | 2 | AL, RCII |
Industrial | Miscellaneous | Business Services (Market Research) | 3 | IT, TRI, VRSK |
Industrial | Miscellaneous | Business Services (Outsourcing) | 1 | ARMK |
Industrial | Technology | Professional Services | 2 | AMN, BBSI |
Industrial | Technology | Industrial Machinery/Components | 5 | CSL, JCI, MDU, MMM, OTTR |
Industrial | Technology | Electrical Products | 3 | BHE, SANM, TTMI |
Industrial | Capital Goods | Electrical Products | 1 | FARO |
Industrial | Consumer Durables | Metal Fabrications | 4 | AME, AMOT, VLTA, VRT |
Industrial | Capital Goods | Fluid Controls | 2 | ITW, PH |
Industrial | Energy | Industrial Machinery/Components | 1 | DDD |
Industrial | Capital Goods | Industrial Machinery/Components (Tools) | 1 | XYL |
Industrial | Basic Industries | Aluminum | 1 | MTRN |
Industrial | Basic Industries | Paper | 1 | CLW |
Industrial | Basic Industries | Environmental Services | 6 | AQUA, CLH, CWST, SRCL, WCN, WM |
Industrial | Consumer Services | Diversified Commercial Services | 2 | ADT, NSSC |
Industrial | Transportation | Air Freight/Delivery Services | 1 | AAWW |
Industrial | Capital Goods | Wholesale Distributors | 1 | WAB |
Industrial | Transportation | Trucking Freight/Courier Services | 1 | HUBG |
Industrial | Consumer Services | Marine Transportation | 3 | DAC, DSX, GSL |
Industrial | Transportation | Trucking Freight/Courier Services | 1 | TFII |
Industrial | Basic Industries | Electric Utilities: Central | 2 | ETR, PNW |
Health | Health Care | Major Pharmaceuticals | 35 | AERI, ALNY, ARVN, ARWR, AVTE, BLUE, BMRN, BNTX, BPMC, CARA, CDXS, CHRS, CNCE, CYTK, DCPH, DVAX, EDIT, ENTA, EXAS, HRMY, HRTX, ICPT, INSM, IONS, ITCI, MRNA, MRVI, MYOV, NBIX, PTCT, REGN, SIGA, SPPI, SRPT, SUPN |
Health | Health Care | Major Pharmaceuticals (Ethical Drugs) | 1 | ENDP |
Health | Health Care | Major Pharmaceuticals (Generic Drugs) | 1 | TEVA |
Health | Health Care | Hospital/Nursing Management (Long term care) | 1 | ENSG |
Health | Health Care | Medical Specialities | 2 | CI, PGNY |
Health | Health Care | Medical/Nursing Services | 2 | AHCO, EHC |
Health | Health Care | Medical/Dental Instruments | 15 | ANGO, CDNA, DXCM, GMED, INSP, LMAT, LNTH, MDXG, MMSI, NARI, PEN, PODD, RGEN, SMLR, ZBH |
Health | Health Care | Biotechnology: Commercial Physical & Biological Research | 1 | MYGN |
Health | Health Care | Medical Specialities (Services) | 3 | GH, NVTA, OPCH |
Health | Health Care | Medical Specialities (Supplies) | 1 | BDX |
Health | Health Care | Biotechnology: Electromedical & Electrotherapeutic Apparatus | 7 | AXNX, IDXX, INMD, MASI, NVRO, NVST, PACB |
Health | Health Care | Other Pharmaceuticals | 2 | CAH, MCK |
Commodities | Consumer Services | Farming/Seeds/Milling | 1 | BG |
Commodities | Basic Industries | Agricultural Chemicals | 1 | UAN |
Commodities | Energy | Industrial Machinery/Components | 9 | ACA, AMRC, BE, BLDP, FCEL, GPRE, IEA, PLUG, TPIC |
Commodities | Energy | Coal Mining | 1 | ARLP |
Commodities | Technology | Semiconductors (Solar) | 7 | ARRY, CSIQ, ENPH, FSLR, NOVA, RUN, SPWR |
Commodities | Capital Goods | Construction/Ag Equipment/Trucks | 1 | TEX |
Commodities | Basic Industries | Precious Metals | 1 | AEM |
Commodities | Energy | Oilfield Services/Equipment | 1 | TUSK |
Commodities | Energy | Metal Fabrications | 4 | FET, FTI, GEOS, GTLS |
Commodities | Energy | Integrated oil Companies | 1 | CLMT |
Commodities | Energy | Natural Gas Distribution | 2 | PAA, TNK |
Commodities | Energy | Oil & Gas Production (U.S.) | 1 | DEN |
Commodities | Basic Industries | Steel/Iron Ore | 1 | GGB |
Commodities | Basic Industries | Steel/Iron Ore | 1 | ATI |
Financial | Finance | Commercial Banks | 2 | BAP, SUPV |
Financial | Finance | Major Banks (Northeast) | 2 | CNOB, MCB |
Financial | Finance | Major Banks (Southeast) | 1 | FCNCA |
Financial | Capital Goods | Homebuilding | 1 | GRBK |
Financial | Finance | Finance: Consumer Services | 1 | LPRO |
Financial | Finance | Finance: Consumer Services | 3 | SOFI, UPST, WRLD |
Financial | Miscellaneous | Business Services | 9 | EVOP, FOUR, GPN, IIIV, MQ, PAGS, PAYS, PYPL, SQ |
Financial | Finance | Investment Bankers/Brokers/Service | 6 | BGCP, COWN, FRHC, HOOD, LPLA, XP |
Financial | Finance | Investment Managers | 2 | AMG, MARA |
Financial | Consumer Services | Real Estate Investment Trusts | 1 | RKT |
Financial | Consumer Services | Real Estate Investment Trusts | 4 | CRESY, CTRE, CUBE, EXR |
Financial | Consumer Services | Other Consumer Services (Specialty) | 4 | BKKT, DFIN, IMXI, RIOT |
Financial | Finance | Accident &Health Insurance | 2 | TRUP, UNM |
Financial | Finance | Property-Casualty Insurers (Diversified) | 1 | PLMR |
Financial | Finance | Life Insurance | 2 | BHF, RGA |
Financial | Finance | Property-Casualty Insurers | 4 | GSHD, HCI, KNSL, LMND |
Financial | Finance | Real Estate | 4 | ASR, OPEN, RDFN, TCN |
Which stocks from each industry group show weakness?
Sector | Industry | Sub-group | # | Stocks |
Technology | Technology | Computer Software: Prepackaged Software (Database) | -1 | TDC |
Technology | Technology | Computer Software: Prepackaged Software (Enterprise) | -5 | AUDC, BAND, EGHT, FSLY, RNG |
Technology | Technology | Computer Software: Prepackaged Software (Financial) | -2 | ACIW, PEGA |
Technology | Technology | EDP Services (Gaming) | -2 | PLTK, SCPL |
Technology | Technology | EDP Services (Medical) | -3 | DH, DOCS, HCAT |
Technology | Technology | Computer Software: Prepackaged Software (Security) | -2 | FTNT, NLOK |
Technology | Technology | Electronic Components | -1 | SIMO |
Technology | Technology | EDP Services (Tech Services) | -4 | CTG, DXC, PLUS, PRFT |
Technology | Technology | Semiconductors | -2 | SITM, SMTC |
Technology | Technology | Semiconductors (Manufacturing) | -1 | INTC |
Technology | Technology | Computer Software: Programming, Data Processing (Content) | -1 | BZ |
Technology | Consumer Services | Television Services | -2 | CABO, CCOI |
Technology | Public Utilities | Telecommunications Equipment (Foreign) | -1 | RCI |
Technology | Public Utilities | Telecommunications Equipment (Integrated) | -1 | VZ |
Technology | Consumer Durables | Telecommunications Equipment | -1 | INFN |
Retail | Consumer Non-Durables | Shoe Manufacturing | -1 | RCKY |
Retail | Capital Goods | Auto Manufacturing | -1 | LCID |
Retail | Capital Goods | Auto Parts:O.E.M. (Equipment) | -2 | ALSN, HLLY |
Retail | Capital Goods | Auto Parts:O.E.M. (Parts) | -1 | SMP |
Retail | Consumer Durables | Automotive Aftermarket | -1 | TWI |
Retail | Consumer Non-Durables | Beverages Alcoholic (Production/Distribution) | -1 | TAP |
Retail | Consumer Non-Durables | Beverages Non-Alcoholic (Production/Distribution) | -1 | MNST |
Retail | Consumer Services | Other Consumer Services | -2 | BFAM, LAUR |
Retail | Consumer Non-Durables | Package Goods/Cosmetics | -2 | MED, OLPX |
Retail | Consumer Services | Hotels/Resorts (Lodging) | -1 | CHH |
Retail | Consumer Services | Consumer Electronics/Video Chains | -4 | AVID, CNK, GAIA, IMAX |
Retail | Consumer Non-Durables | Recreational Products/Toys, Motor Vehicles | -1 | YETI |
Retail | Consumer Non-Durables | Recreational Products/Toys | -1 | FNKO |
Retail | Consumer Services | Television Services | -1 | TV |
Retail | Consumer Services | Newspapers/Magazines | -1 | GCI |
Retail | Consumer Services | Clothing/Shoe/Accessory Stores | -1 | RVLV |
Retail | Miscellaneous | Business Services (Internet) | -1 | LITB |
Retail | Consumer Services | Other Specialty Stores (Leisure) | -2 | BGFV, HZO |
Retail | Consumer Services | Department/Specialty Retail Stores | -2 | PSMT, WMT |
Retail | Consumer Services | Other Specialty Stores | -1 | RBA |
Retail | Consumer Services | Food Chains | -1 | NGVC |
Retail | Basic Industries | Package Goods/Cosmetics | -1 | CLX |
Retail | Consumer Non-Durables | Farming/Seeds/Milling | -2 | UVV, VGR |
Retail | Transportation | Air Freight/Delivery Services | -1 | ALGT |
Industrial | Capital Goods | Military/Government/Technical | -3 | ASTR, SPCE, SPR |
Industrial | Consumer Durables | Building Products | -2 | ATKR, MHK |
Industrial | Capital Goods | Engineering & Construction | -2 | FLR, TPC |
Industrial | Basic Industries | Major Chemicals: Others | -1 | VVV |
Industrial | Miscellaneous | Office Equipment/Supplies/Services | -1 | PBI |
Industrial | Technology | Professional Services | -2 | CCRN, KFRC |
Industrial | Consumer Durables | Containers/Packaging | -1 | SEE |
Industrial | Consumer Services | Other Consumer Services | -1 | SCI |
Industrial | Capital Goods | Fluid Controls | -1 | HY |
Industrial | Energy | Industrial Machinery/Components | -1 | PRLB |
Industrial | Basic Industries | Aluminum | -1 | IIIN |
Industrial | Basic Industries | Paper | -1 | PKG |
Industrial | Basic Industries | Environmental Services | -1 | ARIS |
Industrial | Consumer Services | Diversified Commercial Services | -2 | LAKE, RGR |
Industrial | Capital Goods | Wholesale Distributors | -1 | GBX |
Industrial | Consumer Services | Marine Transportation | -2 | CPLP, GNK |
Industrial | Public Utilities | Power Generation | -1 | GNE |
Industrial | Basic Industries | Electric Utilities: Central | -1 | TAC |
Industrial | Public Utilities | Oil/Gas Transmission | -1 | SWX |
Health | Health Care | Major Pharmaceuticals | -4 | AMRN, CGEN, INCY, NTLA |
Health | Health Care | Major Pharmaceuticals (Diversified) | -1 | LLY |
Health | Health Care | Major Pharmaceuticals (Ethical Drugs) | -3 | ABBV, EOLS, NVO |
Health | Health Care | Major Pharmaceuticals (Generic Drugs) | -1 | OGN |
Health | Health Care | Medical/Nursing Services | -1 | MD |
Health | Health Care | Medical/Dental Instruments | -3 | NEOG, QDEL, TNDM |
Health | Health Care | Biotechnology: Commercial Physical & Biological Research | -3 | AVTR, CRL, SYNH |
Health | Health Care | Biotechnology: Electromedical & Electrotherapeutic Apparatus | -2 | BRKR, WAT |
Health | Health Care | Other Pharmaceuticals | -1 | OMI |
Commodities | Basic Industries | Agricultural Chemicals | -1 | SMG |
Commodities | Energy | Coal Mining | -1 | HCC |
Commodities | Basic Industries | Precious Metals | -1 | NEM |
Commodities | Energy | Oilfield Services/Equipment | -3 | CLB, NR, PUMP |
Commodities | Energy | Integrated oil Companies | -1 | CVE |
Commodities | Energy | Metal Fabrications | -1 | DRQ |
Commodities | Energy | Integrated oil Companies | -2 | CEQP, UGI |
Commodities | Energy | Oil & Gas Production (U.S.) | -2 | CNX, LPI |
Commodities | Basic Industries | Steel/Iron Ore | -1 | TS |
Commodities | Basic Industries | Steel/Iron Ore | -2 | EAF, TMST |
Financial | Finance | Major Banks (Midwest) | -1 | BY |
Financial | Finance | Finance: Consumer Services | -3 | OMF, RM, YRD |
Financial | Miscellaneous | Business Services | -2 | GDOT, PAY |
Financial | Finance | Investment Managers | -1 | DHIL |
Financial | Consumer Services | Real Estate Investment Trusts | -2 | OCN, TREE |
Financial | Consumer Services | Real Estate Investment Trusts | -4 | CXW, MPW, NTST, VNO |
Financial | Consumer Services | Other Consumer Services (Specialty) | -1 | ECPG |
Financial | Finance | Property-Casualty Insurers (Diversified) | -1 | AIZ |
Financial | Finance | Life Insurance | -1 | LNC |
Financial | Finance | Property-Casualty Insurers | -4 | AGO, MBI, MKL, THG |
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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