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The stock market made a closing low this week - March 11, 2022

March 14, 2022
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market update

What happen to the market this week?

The stock market made a new closing low this week on this recent correction amid higher oil price and inflation. This is not a good sign for the general market, unless it can bounce hard very soon.

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

Index	Mar. 7-11
Nasdaq	-3.53%
S&P 500	-2.88%
Dow Jones	-1.99%
Russell 2000	-1.06%

What is the current support level?

Most of the major market indices found resistance at its short term 10 days moving average. This is not good at all 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 12843
S&P 500 - below its 50 days moving average line near 4590; current at 4204
DJIA - below its 50 days moving average line near 35300; current at 32944
RUSSELL 2000 - below its 50 days moving average line near 2100; current at 1979

Psychological levels

Nasdaq seems to be bouncing up and down around 13000, and S&P is also bouncing up and down near 4200, and DJIA is bouncing up and down near 33000. And Russell 2000 seems to be bouncing near 2000 level.

Nasdaq is below 13000.
S&P 500 is slightly above 4200.
Dow Jones Industrial Average is slightly below 33000.
Small cap Russell 2000 is slightly below 2000.

Stock market breadth - Accumulation vs Distribution for this week:

#industry groups 32 vs 86

#stocks 176 vs 370

The stock market continue to show a lot more distribution than accumulation. It is starting to feel like the market might be heading for another leg down.

Check out our course How to measure or calculate stock market breadth.

Which industry groups show strength?

This week we continue to see strength in industry groups from the commodities/energy sector.

Sector	Industry	Sub-group	#	Stocks
Technology	Public Utilities	Telecommunications Equipment (Foreign)	1	AMX
Technology	Technology	Radio And Television Broadcasting And Communications Equipment	3	DY, GOGO, VSAT

Retail	Consumer Non-Durables	Packaged Foods (Dairy)	1	LWAY
Retail	Consumer Services	Food Chains	1	EYE

Industrial	Capital Goods	Engineering & Construction	5	ACM, FLR, GVA, PRIM, PWR
Industrial	Technology	Diversified Commercial Services	1	HEES
Industrial	Technology	Industrial Machinery/Components	-3	MDU, MMM, TRS
Industrial	Capital Goods	Wholesale Distributors	2	GBX, TRN
Industrial	Consumer Services	Marine Transportation	6	CMRE, EGLE, GSL, KEX, NMM, ZIM

Commodities	Consumer Services	Farming/Seeds/Milling	3	APPH, BG, CTVA
Commodities	Energy	Industrial Machinery/Components	16	ACA, AMRC, AQN, BE, BEP, BEPC, BLDP, CHPT, CLNE, CWEN, FCEL, IEA, ORA, PLUG, REX, TPIC
Commodities	Energy	Coal Mining	4	AMR, CNX, HCC, METC
Commodities	Technology	Semiconductors (Solar)	6	ENPH, NOVA, RUN, SEDG, SHLS, SPWR
Commodities	Capital Goods	Construction/Ag Equipment/Trucks	2	CAT, CNHI
Commodities	Capital Goods	Industrial Machinery/Components	1	LNN
Commodities	Basic Industries	Precious Metals	7	AEM, AGI, AU, NEM, PAAS, RGLD, WPM
Commodities	Basic Industries	Precious Metals	2	CCJ, PLL
Commodities	Energy	Oil & Gas Production (Canada)	1	CNQ
Commodities	Energy	Oil & Gas Production: Drilling	4	CHX, HP, PTEN, VAL
Commodities	Energy	Oilfield Services/Equipment	10	CLB, HAL, HLX, MTRX, NR, OIS, PUMP, RES, SLB, TUSK
Commodities	Energy	Integrated oil Companies	4	CVX, EC, EQT, YPF
Commodities	Energy	Metal Fabrications	5	DRQ, FET, GTLS, NOV, WFRD
Commodities	Energy	Integrated oil Companies	6	CVI, DK, HFC, MPC, PBF, VLO
Commodities	Energy	Oil & Gas Production (Royalty Trust)	1	TPL

Financial	Finance	Major Banks (West)	1	ABTX

Which industry groups from recent strength show weakness this week?

Below 10 days moving average
Technology	Technology	EDP Services (Medical)	-4	DOCS, GDRX, TRHC, VEEV

Below 10 days moving average
Technology	Technology	Computer Software: Prepackaged Software (Security)	-9	CHKP, CMCM, CYBR, FTNT, IRNT, NICE, S, VRSN, ZS

Below 10 days moving average
Technology	Technology	EDP Services (Integrated System)	2	NCR, PAR

Below 10 days moving average
Technology	Technology	Semiconductors (Manufacturing)	-1	ADI

Relative strength drops by 5%
Retail	Consumer Non-Durables	Specialty Foods	-3	MDLZ, SMPL, TR

Relative strength drops by 2%
Retail	Consumer Non-Durables	Packaged Foods	-1	INGR

Relative strength drops by 10%
Retail	Consumer Non-Durables	Packaged Foods	-13	BGS, CAG, CPB, FLO, GIS, K, LANC, LW, NOMD, POST, SJM, STKL, UL

Below 50 days moving average
Retail	Consumer Services	Television Services	-5	AMCX, DISCK, NXST, SBGI, SSP

Relative strength drops by 4%
Retail	Consumer Services	Automotive Aftermarket (Parts)	-1	PRTS

Relative strength drops by 1%
Retail	Consumer Durables	Automotive Aftermarket	-2	SAH, VRM

Below 50 days moving average
Retail	Consumer Services	Other Specialty Stores (Leisure)	-1	BBW

Relative strength drops by 2%
Retail	Consumer Services	Department/Specialty Retail Stores	4	COST, PSMT, TGT, WMT

Relative strength drops by 10%
Retail	Consumer Services	Restaurants	-6	DENN, LOCO, PZZA, SBUX, WING, YUMC

Relative strength drops by 1%
Retail	Consumer Services	Food Chains	-2	CASY, NGVC

Relative strength drops by 5%
Retail	Consumer Non-Durables	Food Distributors	-2	SYY, UNFI

Relative strength drops by 3%
Industrial	Transportation	Trucking Freight/Courier Services	-2	SNDR, ZTO

Relative strength drops by 3%
Industrial	Basic Industries	Electric Utilities: Central	8	AEP, AES, EIX, ETR, IDA, NEE, PNW, POR

Below 10 days moving average
Industrial	Public Utilities	Water Supply	-1	AWR

Below 10 days moving average
Health	Health Care	Biotechnology: Commercial Physical & Biological Research	-2	CRL, IQV

Below 10 days moving average
Health	Health Care	Medical Specialities (Services)	-3	ME, NEO, OTRK

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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