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Research >> MCBOSS CAPITAL >> Stock market news today 2022 >> The stock market made a closing low this week - March 11, 2022
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The stock market made a closing low this week - March 11, 2022

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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.

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


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