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Research >> MCBOSS CAPITAL >> Stock market news today 2022 >> The stock market may be looking to test the bottom soon - March 4, 2022
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The stock market may be looking to test the bottom soon - March 4, 2022

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What happen to the market this week?

The stock market may be looking to test the bottom soon once again as Ukraine/Russian conflict continue to escalate. The Russians shell Ukranian nuclear plant and sparks fear on Friday. Late Sunday, US is considering an oil embargo on Russia. This in turn spark a rise in price of oil.

Overall this week, the major stock market indices suffer losses.

Index Feb. 28 - Mar. 4
Nasdaq -2.78%
S&P 500 -1.27%
Dow Jones -1.30%
Russell 2000 -1.96%

What is the current support level?

Most of the major market indices found resistance once again at its 21 days moving average. This is not good news as the index may be heading lower to test its previous bottom on Feb. 24.

  • NASDAQ - below its 50 days moving average line near 14700; current at 13313
  • S&P 500 - below its 50 days moving average line near 4590; current at 4328
  • DJIA - below its 50 days moving average line near 35300; current at 33614
  • RUSSELL 2000 - below its 50 days moving average line near 2100; current at 2000

Psychological levels

  • Nasdaq is below 14000.
  • S&P 500 is below 4400.
  • Dow Jones Industrial Average is below 34000.
  • Small cap Russell 2000 is above 2000.

Stock market breadth - Accumulation vs Distribution for this week:

#industry groups 122 vs 149
#stocks 397 vs 628

The stock market had more distribution than accumulation. Although this was a bad week, there was still accumulation in some stocks. It is important that the general market can bounce back soon otherwise it might be heading for another leg down.

Which industry groups show strength?

There are many industry groups in the commodities/energy sector showing accumulation.

Sector Industry Sub-group # Stocks
Technology Public Utilities Telecommunications Equipment (Foreign) 1 RCI
Retail Consumer Non-Durables Specialty Foods 2 HSY, TR
Retail Consumer Non-Durables Packaged Foods 2 ADM, ANDE
Retail Consumer Services Automotive Aftermarket (Parts) 1 ORLY
Retail Consumer Services RETAIL: Building Materials 4 FAST, GWW, MSM, TSCO
Retail Consumer Services Other Specialty Stores (Leisure) 1 HIBB
Retail Consumer Services Department/Specialty Retail Stores 4 COST, PSMT, TGT, WMT
Retail Consumer Services Restaurants 2 BH, SG
Retail Consumer Services Food Chains 6 ACI, CASY, IMKTA, KR, NGVC, SFM
Retail Consumer Non-Durables Food Distributors 1 UNFI
Industrial Capital Goods Military/Government/Technical 11 AJRD, CW, GD, HEI, HII, KTOS, LHX, LMT, MRCY, NOC, TDY
Industrial Consumer Durables Consumer Electronics/Appliances 2 LII, WSO
Industrial Capital Goods Engineering & Construction 1 FLR
Industrial Miscellaneous Business Services 3 BAH, ICFI, SAIC
Industrial Miscellaneous Business Services (Outsourcing) 1 EXLS
Industrial Basic Industries Metal Fabrications 2 RYI, ZEUS
Industrial Capital Goods Wholesale Distributors 1 TRN
Industrial Transportation Railroads 5 CNI, CP, CSX, NSC, UNP
Industrial Consumer Services Marine Transportation 5 CMRE, DSX, GSL, KEX, ZIM
Industrial Public Utilities Power Generation 9 AVA, CMS, CPK, D, DTE, NWE, SJI, WEC, XEL
Industrial Basic Industries Electric Utilities: Central 8 AEP, AES, EIX, ETR, IDA, NEE, PNW, POR
Industrial Public Utilities Water Supply 1 AWK
Health Health Care Hospital/Nursing Management 3 HCA, THC, UHS
Health Health Care Medical Specialities 5 ANTM, CI, MOH, PGNY, UNH
Health Health Care Other Pharmaceuticals 2 MCK, PETQ
Commodities Consumer Services Farming/Seeds/Milling 3 APPH, BG, DAR
Commodities Basic Industries Agricultural Chemicals 6 CF, FMC, MOS, NTR, SQM, UAN
Commodities Energy Industrial Machinery/Components 9 ACA, AMRC, AQN, AY, BEP, CLNE, CWEN, EVA, REGI
Commodities Energy Coal Mining 6 AMR, ARCH, BTU, CNX, HCC, METC
Commodities Technology Semiconductors (Solar) 2 FSLR, JKS
Commodities Capital Goods Industrial Machinery/Components 3 AGCO, ALG, DE
Commodities Basic Industries Precious Metals 13 AEM, AGI, AU, BVN, FNV, GOLD, HL, NEM, PAAS, PVG, RGLD, SBSW, WPM
Commodities Basic Industries Precious Metals 7 AA, FCX, PLL, RIO, SCCO, TECK, VALE
Commodities Energy Oil & Gas Production (Canada) 2 CNQ, ERF
Commodities Energy Oil & Gas Production: Drilling 4 HP, PTEN, RIG, VAL
Commodities Energy Oilfield Services/Equipment 9 HAL, HLX, KLXE, NR, OII, OIS, PUMP, RES, TUSK
Commodities Energy Integrated oil Companies 10 AM, CVX, EC, EQNR, EQT, MRO, PBR, PTR, WMB, XOM
Commodities Energy Oil & Gas Production (International) 6 APA, COP, HES, MUR, OVV, OXY
Commodities Energy Metal Fabrications 6 DRQ, FTI, GTLS, MRC, NOV, WHD
Commodities Energy Integrated oil Companies 6 CEQP, GEL, MPC, NS, PBF, TRGP
Commodities Energy Oil & Gas Production (Royalty Trust) 3 SBR, SJT, TPL
Commodities Energy Natural Gas Distribution 12 DCP, ENB, EPD, GLNG, HESM, KMI, MPLX, OKE, PAA, PAGP, SHLX, STNG
Commodities Energy Oil & Gas Production (U.S.) 28 AR, CDEV, CHK, CIVI, CLR, CPE, CRC, CTRA, DEN, DVN, FANG, GPOR, LPI, MGY, MNRL, MTDR, NOG, OAS, PDCE, PHX, PXD, RRC, SBOW, SD, SWN, VNOM, WLL, WTI
Commodities Basic Industries Steel/Iron Ore 6 CLF, GGB, NUE, STLD, TS, TX
Financial Consumer Services Real Estate Investment Trusts 18 AMH, AMT, AVB, CCI, CRESY, CUBE, ELS, ESS, EXR, LSI, MAA, NSA, PLD, PSA, RYN, SRC, STAG, UDR


Which industry groups from recent strength show weakness this week?

Relative strength drops by 1%
Technology Technology Computer Software: Prepackaged Software (Design) -2 ADSK, BSY
Relative strength drops by 10%
Technology Consumer Durables Telecommunications Equipment -4 CIEN, INFN, LITE, VIAV
Relative strength drops by 10%
Retail Consumer Services Clothing/Shoe/Accessory Stores -15 COLM, CPRI, FIGS, GIII, GIL, KTB, LEVI, PVH, RL, TPR, UA, UFI, VFC, VRA, VSCO
Relative strength drops by 10%
Retail Capital Goods Auto Parts:O.E.M. (Equipment) -10 APTV, BWA, CPS, DAN, GNTX, LEA, MGA, MOD, THRM, VC
Relative strength drops by 1%
Retail Consumer Durables Specialty Chemicals -2 ENR, GNLN
Relative strength drops by 2%
Retail Consumer Services Other Consumer Services -2 EDU, RYB
Relative strength drops by 6%
Retail Capital Goods Industrial Machinery/Components -3 EMKR, ST, TRMB
Relative strength drops by 3%
Retail Consumer Services Hotels/Resorts (Gaming) -9 BYD, CZR, DKNG, EBET, IGT, LVS, MGM, SGMS, WYNN
Relative strength drops by 2%
Retail Consumer Services Consumer Electronics/Video Chains -1 GAIA
Relative strength drops by 1%
Retail Consumer Services Marine Transportation -12 CCL, CUK, LYV, MTN, NCLH, PLNT, RCL, SEAS, SIX, UBER, VAC, WMG
Relative strength drops by 1%
Retail Consumer Services Television Services -2 LSXMA, TV
Relative strength drops by 1%
Retail Consumer Non-Durables Farming/Seeds/Milling -2 BTI, PM
Relative strength drops by 8%
Industrial Technology Advertising -5 CRTO, IPG, LAMR, OMC, PUBM
Relative strength drops by 1%
Industrial Technology Diversified Commercial Services -2 AER, AL
Relative strength drops by 1%
Health Health Care Medical/Dental Instruments -4 CDNA, ITGR, SMLR, SNN
Relative strength drops by 3%
Health Health Care Medical Specialities (Supplies) 1 PDCO
Relative strength drops by 1%
Health Health Care Biotechnology: Electromedical & Electrotherapeutic Apparatus -4 BRKR, MASI, NVST, PLSE
Relative strength drops by 1%
Financial Finance Investment Bankers/Brokers/Service -12 AMP, COWN, CS, EVR, LAZ, LPLA, MC, PIPR, RJF, SCHW, SF, XP


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