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Research >> MCBOSS CAPITAL >> Stock market news today 2022 >> The stock market started the year with a selloff - January 7, 2022
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The stock market started the year with a selloff - January 7, 2022

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What happen to the market today?

The stock market started the year with a selloff. This may not be a good sign but who knows. the year has just started. 

Index Jan. 3-7
Nasdaq -4.53%
S&P 500 -1.87%
Dow Jones -0.29%
Russell 2000 -2.92%

The Federal Reserve minutes show that they might be more aggressive in raising interest rates and even cutting their balance sheet by selling bonds. This seem to have spark a buying spree cyclical stocks as shown below in the energy and financial sectors.

What is the current support level?

Nasdaq fell hard below its 50 days moving average and is near its previous lows. This is not the way you want it to start in the new year.

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

Dow Jones Industrial Average has been holding up the best and is sitting near its 21 days moving average.

Russell 2000 fell below its 10 and 21 days moving average.

  • NASDAQ - below its 50 days moving average line near 15600; current at 14935
  • S&P 500 - above its 50 days moving average line near 4660; current at 4677
  • DJIA - above its 50 days moving average line near 35800; current at 36231
  • RUSSELL 2000 - below its 50 days moving average line near 2280; current at 2179

Psychological levels

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

Stock market breadth - Accumulation vs Distribution for this week:

#industry groups 56 vs 76
#stocks 281 vs 408

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

Which industry groups show strength?

Market show accumulation mostly in the commodities and financial sectors.

Sector Industry Sub-group # Stocks
Retail Consumer Non-Durables Meat/Poultry/Fish 4 BRFS, CALM, HRL, TSN
Retail Consumer Non-Durables Packaged Foods 8 BGS, CAG, CPB, GIS, K, LW, POST, SJM
Retail Consumer Services Television Services 3 AMCX, DISCA, DISCK
Retail Consumer Non-Durables Farming/Seeds/Milling 2 MO, PM
Industrial Capital Goods Military/Government/Technical 8 GD, HII, LHX, MRCY, NOC, TDG, TGI, TXT
Industrial Basic Industries Major Chemicals: Plastics 3 DOW, EMN, TSE
Industrial Consumer Services Marine Transportation 2 GOGL, KEX
Commodities Basic Industries Precious Metals 4 BBL, BHP, RIO, VALE
Commodities Energy Oil & Gas Production (Canada) 2 CNQ, ERF
Commodities Energy Oil & Gas Production: Drilling 4 CHX, PTEN, RIG, VAL
Commodities Energy Oilfield Services/Equipment 3 HAL, KLXE, SLB
Commodities Energy Integrated oil Companies 8 BP, CVX, MRO, PTR, RDS.A, SNP, WMB, XOM
Commodities Energy Oil & Gas Production (International) 5 APA, COP, HES, MUR, OXY
Commodities Energy Integrated oil Companies 8 CEQP, DK, HFC, MPC, PBF, PSX, TRGP, VLO
Commodities Energy Oil & Gas Production (Royalty Trust) 2 PBT, SBR
Commodities Energy Natural Gas Distribution 4 GLNG, KMI, OKE, PSXP
Commodities Basic Industries Steel/Iron Ore 4 CLF, PKX, TS, TX
Financial Finance Major Banks (Midwest) 4 ASB, BY, UMBF, WTFC
Financial Finance Major Banks 13 BAC, BCS, BK, C, DB, GS, HSBC, JPM, RY, SMFG, TD, UBS, WFC
Financial Finance Major Banks (Northeast) 4 CFG, CUBI, MTB, WBS
Financial Finance Major Banks (Southeast) 13 ABCB, BPOP, FBP, FCNCA, FHN, HWC, OZK, PNFP, RNST, SNV, SSB, UBSI, UCBI
Financial Finance Major Banks (Regional) 10 CMA, FITB, HBAN, KEY, NTRS, PNC, RF, SIVB, TFC, USB
Financial Finance Major Banks (West) 13 CFR, COLB, CVBF, EWBC, FFWM, FHB, FIBK, GBCI, PB, PPBI, TCBI, WAFD, WAL
Financial Finance Finance: Consumer Services 2 CIT, TSLX
Financial Finance Investment Bankers/Brokers/Service 7 AMP, CS, HLI, LPLA, RJF, SCHW, SF
Financial Finance Major Banks (Savings) 8 BKU, FBC, ISBC, NWBI, PBCT, STL, SYF, WSFS
Financial Finance Life Insurance 4 AEL, MET, PRU, RGA

Which industry groups from recent strength show weakness this week?

Relative strength drops by 2%
Technology Technology Electronic Components 2 MU, SIMO
Relative strength drops by 6%
Technology Technology Computer Communications Equipment -2 ANET, CAMP
Below 50 days moving average
Technology Technology Semiconductors -7 AMBA, AMD, AOSL, AVGO, MPWR, MRVL, XLNX
Relative strength drops by 2%
Retail Consumer Services Catalog/Specialty Distribution 2 LNDC, MKC
Relative strength drops by 3%
Industrial Basic Industries Mining & Quarrying of Nonmetallic Minerals (No Fuels) -2 EXP, MLM
Relative strength drops by 2%
Industrial Consumer Durables Building Products -8 AWI, AZEK, BLD, BLDR, FBHS, MAS, SWIM, TREX
Relative strength drops by 6%
Industrial Basic Industries Forest Products 2 BCC, LPX
Relative strength drops by 10%
Industrial Basic Industries Paints/Coatings -2 RPM, SHW
Below 50 days moving average
Industrial Miscellaneous Business Services (Outsourcing) -4 CTAS, EXLS, PAYX, UNF
Below 50 days moving average
Industrial Transportation Trucking Freight/Courier Services -5 ARCB, LSTR, ODFL, PTSI, SAIA
Relative strength drops by 3%
Industrial Basic Industries Electric Utilities: Central 3 AEP, ETR, POR
Relative strength drops by 10%
Industrial Public Utilities Water Supply 2 AWK, AWR
Relative strength drops by 10%
Health Health Care Major Pharmaceuticals (Ethical Drugs) -2 NVO, ZTS
Relative strength drops by 4%
Commodities Basic Industries Precious Metals -5 AEM, AU, FNV, PAAS, WPM
Relative strength drops by 1%
Financial Consumer Services Real Estate Investment Trusts 2 GPMT, LADR




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