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Research >> MCBOSS CAPITAL >> Stock market news today 2022 >> The stock market show recovery for the second consecutive week - February 4, 2022
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The stock market show recovery for the second consecutive week - February 4, 2022

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What happen to the market today?

The stock market show recovery for the second consecutive week. This is a good sign that market most likely have bottom on Jan. 24, 2022. 

Index Jan. 31 - Feb. 4
Nasdaq 2.38%
S&P 500 1.55%
Dow Jones 1.05%
Russell 2000 1.72%

Earnings season has started. Expectations for mega cap techs that represent economic growth have mostly been met.

MSFT (positive)
AAPL (positive)
TSLA (negative)
GOOGL (positive)
AMZN (positive)
FB (negative)

With good job numbers on Friday, the futures show that Federal Reserve have now priced in five rate hikes this year and there is 28% possibility of 0.5% rate hike in March.

What is the current support level?

All the major market indices are trying to recover above its 10 days moving average. If they can move above this and this short term trend can continue upward, then this recovery rally might have legs.

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 14098
  • S&P 500 - below its 50 days moving average line near 4640; current at 4500
  • DJIA - below its 50 days moving average line near 35560; current at 35089
  • RUSSELL 2000 - below its 50 days moving average line near 2190; current at 2002

Psychological levels

  • Nasdaq is now above 14000.
  • S&P 500 is now at 4500.
  • Dow Jones Industrial Average is now above 35000.
  • Small cap Russell 2000 is now above 2000.

Stock market breadth - Accumulation vs Distribution for this week:

#industry groups 114 vs 118
#stocks 294 vs 268

The stock market breadth is showing more stocks under accumulation than distribution. This is a good sign of the market correction recovery.

Which industry groups show strength?

There are many signs of industry groups showing accumulation in different sectors.

Sector Industry Sub-group # Stocks
Technology Technology Computer Software: Prepackaged Software (Financial) 2 BILL, JKHY
Technology Technology EDP Services (Gaming) 2 EA, TTWO
Technology Technology Computer Software: Prepackaged Software (Security) 4 CHKP, FTNT, NLOK, RPD
Technology Technology Computer Software: Programming, Data Processing (Content) 6 CARG, GOOG, GOOGL, SNAP, TWTR, YELP
Retail Consumer Services Catalog/Specialty Distribution 2 DOLE, MKC
Retail Consumer Services Hotels/Resorts (Gaming) 3 BYD, CZR, DKNG
Retail Consumer Services Hotels/Resorts (Lodging) 3 IHG, MAR, WH
Retail Consumer Services Television Services 3 DISCA, DISCK, TGNA
Retail Miscellaneous Business Services (Internet) 3 AMZN, CPNG, OSTK
Health Health Care Medical Specialities 3 GTS, HUM, MOH
Commodities Basic Industries Agricultural Chemicals 2 CF, MOS
Commodities Energy Coal Mining 4 ARCH, BTU, CNX, HCC
Commodities Energy Oil & Gas Production: Drilling 2 HP, RIG
Commodities Energy Integrated oil Companies 7 AM, BP, EQT, MRO, PTR, WMB, XOM
Commodities Energy Oil & Gas Production (International) 5 COP, HES, MUR, OVV, OXY
Commodities Energy Integrated oil Companies 6 DK, GLP, MPC, NS, TRGP, VLO
Commodities Basic Industries Steel/Iron Ore 2 NUE, TS
Financial Finance Major Banks (Midwest) 3 CBSH, MBIN, UMBF
Financial Finance Major Banks (Northeast) 3 CFG, MTB, TBBK
Financial Finance Major Banks (Regional) 6 FITB, HBAN, NTRS, PNC, SIVB, TFC
Financial Finance Major Banks (West) 3 EWBC, FINW, FRC
Financial Finance Investment Bankers/Brokers/Service 6 EVR, HOOD, JEF, LPLA, SCHW, SF
Financial Consumer Services Other Consumer Services (Specialty) 8 CME, FLT, HIVE, HRB, HUT, ICE, MSCI, VIRT
Financial Finance Specialty Insurers 2 AON, BRO
Financial Finance Life Insurance 7 AEL, BHF, GNW, LNC, MET, PRU, SLF


Which industry groups from recent strength show weakness this week?

Relative strength drops by 1%
Industrial Consumer Services Marine Transportation 5 DAC, ESEA, GOGL, NMM, SBLK


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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