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Research >> MCBOSS CAPITAL >> Stock market news today 2022 >> The stock market gave back previous week's gains - February 11, 2022
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The stock market gave back previous week's gains - February 11, 2022

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What happen to the market this week?

In general the stock market indices gave back the gains from previous week after strong CPI data spook the futures with a potential 0.5% interest rate hike in March. The market also suffer on Friday as the U.S. signal Russia might invade Ukraine soon. This is not a good sign.

On the other hand, Russell 2000 was able to produce a positive week. This might signify some strength. As we see below in the industry groups section, this could be due to the consumer discretionary industry groups strengthening as the Omicron virus peak and countries open up.

Index Feb. 7-11
Nasdaq -2.18%
S&P 500 -1.82%
Dow Jones -1.00%
Russell 2000 1.39%


Earnings season are winding down with most companies reported. Mega cap techs did not do well this last week. This is a very concerning trait. If most of these stocks do not find footing soon, we may see the market conditions deteriorate.

MSFT (negative - fell back to its 40 weeks moving average)
AAPL (negative - fell back below 10 weeks moving average)
TSLA (negative - fell back to near its 40 weeks moving average)
GOOGL (negative - fell back to its 40 weeks moving average)
AMZN (negative-found resistance at its 10 weeks moving average)
FB (negative-fell further after its earnings results disappointment)

What is the current support level?

Most of the major market indices found resistance at its 21 days moving average and have now fell back below its 10 days moving average as well. This is not a good sign.

The market indices need to bounce back right away. Otherwise, we may see the major indices test new low in coming week.

  • NASDAQ - below its 50 days moving average line near 15200; current at 13791
  • S&P 500 - below its 50 days moving average line near 4640; current at 4418
  • DJIA - below its 50 days moving average line near 35560; current at 34738
  • RUSSELL 2000 - below its 50 days moving average line near 2190; current at 2030

Psychological levels

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

Stock market breadth - Accumulation vs Distribution for this week:

#industry groups 117 vs 111
#stocks 312 vs 295

The stock market breadth is showing slightly more stocks under accumulation than distribution. This is an indication of some sectors doing poorly while other sectors are doing fine.

Which industry groups show strength?

There are many signs of industry groups showing accumulation specifically in the retail-consumer discretionary groups and commodities/energy groups.

Sector Industry Sub-group # Stocks
Technology Technology EDP Services (Integrated System) 2 NCR, PAR
Retail Consumer Durables Specialty Chemicals 3 ACB, CGC, TLRY
Retail Consumer Services Hotels/Resorts (Gaming) 6 BYD, GDEN, IGT, MCRI, PENN, WYNN
Retail Consumer Services Hotels/Resorts (Lodging) 5 CHH, H, HTHT, MAR, WH
Retail Consumer Non-Durables Recreational Products/Toys, Motor Vehicles 2 HOG, MBUU
Retail Consumer Services Marine Transportation 6 CCL, CUK, FXLV, PLNT, RCL, SIX
Retail Miscellaneous Business Services 3 ABNB, TCOM, TRVG
Retail Consumer Services Television Services 5 DIS, FOXA, LSXMA, TV, WWE
Retail Consumer Services Restaurants 6 CMG, DRI, PLAY, RRGB, WEN, YUMC
Retail Transportation Air Freight/Delivery Services 7 ALK, CPA, DAL, RYAAY, SAVE, SNCY, UAL
Retail Consumer Non-Durables Food Distributors 3 PFGC, SYY, USFD
Industrial Capital Goods Military/Government/Technical 8 ATRO, ISSC, JOBY, LMT, NOC, TDG, TGI, TXT
Industrial Basic Industries Major Chemicals: Plastics 2 AVNT, TSE
Industrial Basic Industries Environmental Services 4 AQUA, CLH, ECOL, TTEK
Health Health Care Hospital/Nursing Management 3 CYH, THC, UHS
Health Health Care Biotechnology: Commercial Physical & Biological Research 2 MEDP, TECH
Commodities Consumer Services Farming/Seeds/Milling 2 BG, CTVA
Commodities Basic Industries Agricultural Chemicals 4 FMC, MOS, NTR, SQM
Commodities Energy Coal Mining 4 ARCH, BTU, HCC, METC
Commodities Basic Industries Precious Metals 7 AEM, BVN, FNV, HL, KL, NEM, SBSW
Commodities Basic Industries Precious Metals 8 AA, BHP, CCJ, FCX, RIO, SCCO, TECK, VALE
Commodities Energy Oil & Gas Production: Drilling 2 HP, PTEN
Commodities Energy Integrated oil Companies 9 BP, CVX, EC, EQNR, EQT, MRO, PBR, PTR, SNP
Commodities Energy Oil & Gas Production (International) 2 OVV, OXY
Commodities Energy Integrated oil Companies 5 CLMT, GEL, HFC, PBF, VLO
Commodities Energy Natural Gas Distribution 7 DCP, ENB, EPD, KMI, NVGS, SHLX, WES
Commodities Basic Industries Steel/Iron Ore 2 PKX, TS
Financial Finance Commercial Banks 3 SHG, BAP, KB, NU


Which industry groups from recent strength show weakness this week?

Relative strength drops by 10%
Technology Technology Computer Software: Programming, Data Processing (Content) -5 FB, GOOG, GOOGL, PINS, YNDX
Relative strength drops by 1%
Retail Consumer Non-Durables Meat/Poultry/Fish -1 IBA
Relative strength drops by 10%
Retail Consumer Services Catalog/Specialty Distribution -1 APRN
Below 50 days moving average
Retail Health Care Medical/Nursing Services -1 CVS
Relative strength drops by 10%
Retail Miscellaneous Business Services (Internet) -2 DASH, GRUB
Relative strength drops by 10%
Industrial Public Utilities Power Generation -6 DTE, DUK, PCG, SJI, WEC, XEL
Below 50 days moving average
Health Health Care Major Pharmaceuticals (Diversified) -1 GSK
Relative strength drops by 2%
Financial Finance Major Banks (Northeast) -2 TBBK, LBAI
Relative strength drops by 8%
Financial Finance Specialty Insurers -2 SLQT, EHTH

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