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Research >> MCBOSS CAPITAL >> Stock market news today 2022 >> The stock market close the week off on a positive note - January 28, 2022
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The stock market close the week off on a positive note - January 28, 2022

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What happen to the market today?

The stock market close the week off on a positive note after a lot of volatility.  

Index Jan. 24-28
Nasdaq 0.01%
S&P 500 0.77%
Dow Jones 1.34%
Russell 2000 -0.98%


The stock market enter bear market territory of more than 20% on Nasdaq and Russell 2000.

Correction
Nasdaq 23.81%
S&P 500 14.11%
Dow Jones 11.47%
Russell 2000 29.32%

Earnings season has started. Several big cap techs like MSFT, AAPL and TSLA had reported. Both MSFT and AAPL had good investor sentiment. The Federal Reserve sound more hawkish than what most investors expected. Market turn down on the day right after that. The market seems to have now priced in five rate hikes this year.


What is the current support level?

All the major market indices made a low on Monday. And most close near the high of the week. That could be potentially a bottom for the market correction. No one really knows. Only time will tell. 

If major indices can punch above the 10 days moving average, then there may be more investors jumping back into the stocks.

  • NASDAQ - below its 50 days moving average line near 15200; current at 13770
  • S&P 500 - below its 50 days moving average line near 4640; current at 4431
  • DJIA - below its 50 days moving average line near 35560; current at 34725
  • RUSSELL 2000 - below its 50 days moving average line near 2190; current at 1968

Psychological levels

  • Nasdaq is now below 14000.
  • S&P 500 is now above 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 67 vs 118
#stocks 127 vs 337

The stock market breadth is still overwhelmed by a lot of distribution on a ratio of approximately of 1 to 4 which is better than last week of 1 to 10. We need to see accumulation in order for this market correction to end.

Which industry groups show strength?

There are signs of some industry group showing accumulation. The oil and gas industry groups are still strong.

Sector Industry Sub-group # Stocks
Technology Technology Computer Software: Prepackaged Software (Desktop) 1 PD
Technology Technology Computer Software: Prepackaged Software (Financial) 1 ACIW, FICO
Technology Public Utilities Telecommunications Equipment (Foreign) 3 RCI, TEF, VOD
Retail Consumer Non-Durables Packaged Foods 1 ADM
Retail Health Care Medical/Nursing Services 1 CVS
Industrial Consumer Services Marine Transportation 6 DAC, GOGL, GSL, KEX, MATX, ZIM
Industrial Public Utilities Power Generation 4 DTE, DUK, NWE, XEL
Industrial 2 NJR, SWX
Health Health Care Major Pharmaceuticals (Diversified) 1 JNJ
Health Health Care Medical Specialities (Supplies) 1 WST
Health Health Care Other Pharmaceuticals 2 ABC, MCK
Commodities Energy Oil & Gas Production: Drilling 1 PTEN
Commodities Energy Oilfield Services/Equipment 4 HAL, PUMP, RES, SLB
Commodities Energy Integrated oil Companies 6 CVX, MRO, PBR, RDS.A, WMB, XOM
Commodities Energy Oil & Gas Production (International) 5 APA, COP, HES, MUR, OXY
Commodities Energy Integrated oil Companies 2 TRGP, UGP
Commodities Energy Natural Gas Distribution 3 GLNG, MPLX, RTLR
Commodities Energy Oil & Gas Production (U.S.) 6 CLR, DVN, EOG, FANG, PDCE, VNOM
Financial Miscellaneous Business Services 6 AXP, EEFT, EVOP, MA, PAYS, V

Which industry groups from recent strength show weakness this week?

Below 50 days moving average
Industrial Capital Goods Military/Government/Technical 8 GD, HII, LHX, MRCY, NOC, TDG, TGI, TXT


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