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Research >> MCBOSS CAPITAL >> Stock market news today 2022 >> The stock market was decimated into correction territory - January 21, 2022
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The stock market was decimated into correction territory - January 21, 2022

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What happen to the market today?

The stock market was decimated with huge losses this week.  

Index Jan. 18-21
Nasdaq -7.55%
S&P 500 -5.68%
Dow Jones -4.58%
Russell 2000 -8.07%

The stock market enter technical correction of more than 10% on Nasdaq.

Correction
Nasdaq 17.79%
S&P 500 9.63%
Dow Jones 7.96%
Russell 2000 23.69%

Earnings season has started. Several big cap techs will be reporting including MSFT, AAPL and TSLA. The Federal Reserve will also be having their scheduled meeting to decide what to do next. This will be crucial for market direction. Will there be a surprise rate hike to try to contain inflation?

What is the current support level?

Nasdaq lost support at its 200 days moving average.

S&P 500 also fell slightly below its 200 days moving average. Watch for rebound soon. If not, we may see more downtrend.

Dow Jones Industrial Average fell below its 200 days moving average.

Russell 2000 deteriorate much further below its 10 and 21 days moving average. 

  • NASDAQ - below its 50 days moving average line near 15600; current at 13768
  • S&P 500 - below its 50 days moving average line near 4660; current at 4397
  • DJIA - below its 50 days moving average line near 35800; current at 34265
  • RUSSELL 2000 - below its 50 days moving average line near 2280; current at 1987

Psychological levels

  • Nasdaq is now below 14000.
  • S&P 500 is now below 4400.
  • Dow Jones Industrial Average is now below 35000.
  • Small cap Russell 2000 is now below 2000.

Stock market breadth - Accumulation vs Distribution for this week:

#industry groups 1 vs 140
#stocks 20 vs 955

The stock market breadth is overwhelmed by a lot of distribution.

Which industry groups show strength?

There is no industry group showing accumulation.

Which industry groups from recent strength show weakness this week?

Below 50 days moving average
Technology Technology Semiconductors (Equip) -12 AMAT, ASML, ENTG, FORM, ICHR, KLAC, LRCX, MKSI, ONTO, TER, UCTT, VECO
Below 50 days moving average
Technology Consumer Durables Telecommunications Equipment -5 CIEN, CLFD, INFN, LITE, VIAV
Relative strength drops by 7%
Retail Consumer Services Television Services -2 DISCA, DISCK
Below 50 days moving average
Industrial Basic Industries Major Chemicals: Plastics -2 EMN, TSE
Relative strength drops by 4%
Health Health Care Other Pharmaceuticals 3 ABC, MCK, OMI
Relative strength drops by 1%
Commodities Energy Coal Mining -5 ARCH, BTU, CNX, HCC, METC
Relative strength drops by 4%
Commodities Basic Industries Precious Metals -4 AA, CCJ, FCX, MP
Below 50 days moving average
Commodities Energy Metal Fabrications 2 FTI, GEOS
Below 50 days moving average
Financial Finance Major Banks -7 C, DB, GS, JPM, BAC, BCS, BK
Below 50 days moving average
Financial Finance Major Banks (Southeast) -13 FBK, FCNCA, FHN, HOMB, LOB, OFG, OZK, RNST, SNV, SSB, UCBI, ABCB, AUB
Below 50 days moving average
Financial Finance Major Banks (West) -11 CFR, EWBC, FFWM, FIBK, FRC, GBCI, HMST, PB, SI, WAFD, WAL
Below 50 days moving average
Financial Capital Goods Homebuilding -17 BZH, CCS, DFH, DHI, GRBK, HOV, KBH, LEN, LGIH, MDC, MHO, MTH, NVR, PHM, TMHC, TOL, TPH
Below 50 days moving average
Financial Finance Finance: Consumer Services -3 CGBD, TSLX, WD




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