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The stock market conditions deteriorated this week - April 8, 2022
Related:
The stock market started the year with a selloff - January 7, 2022
The stock market continue with the inflation tolerant stocks - January 15, 2022
The stock market was decimated into correction territory - January 21, 2022
The stock market close the week off on a positive note - January 28, 2022
The stock market show recovery for the second consecutive week - February 4, 2022
The stock market gave back previous week's gains - February 11, 2022
The stock market conditions seem to be deteriorating - February 18, 2022
The stock market is trying to rebound after Russia invades Ukraine - February 25, 2022
The stock market may be looking to test the bottom soon - March 4, 2022
The stock market made a closing low this week - March 11, 2022
The stock market closed strong this week despite first rate hike - March 18, 2022
The stock market rise for the second consecutive week - March 25, 2022
The stock market took a breather this week - April 1, 2022
The stock market conditions continue to deteriorate this week - April 15, 2022
Was the recent rally since March 14 bottom a bear market rally? - April 22, 2022
Nasdaq and Russell 2000 confirmed bear market rally - April 29, 2022
Is stock market showing signs of bottoming? - May 6, 2022
Stock market attempt rally after new lows - May 13, 2022
Stock market decimated rally and S&P 500 made new intraday bear market - May 20, 2022
Stock market is on the verge of relief rally - May 27, 2022
The market rally took a pause this week - June 3, 2022
Is this another bear market rally? - June 10, 2022
Bear market continues as stock market indices made new low - June 17, 2022
The stock market show signs of improvements - June 24, 2022
This has been a disappointing week for the stock market - July 1, 2022
The stock market rebound strongly this week - July 8, 2022
The stock market is stuck in a trading range - July 15, 2022
The stock market breaks out - July 22, 2022
Why is stock market bullish today, or is it going to turn bearish soon
Is stock market ready for a pause or will it continue this rally? - August 5, 2022
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The stock market conditions deteriorated this week - April 8, 2022
What happen to the market this week?
The stock market conditions deteriorate this week. Nasdaq and Russell 2000 suffered significant losses as a Federal Reserve representative signal faster reduction in balance sheet.
| Index | Apr. 4 - 8 |
| Nasdaq | -3.86% |
| S&P 500 | -1.27% |
| Dow Jones | -0.28% |
| Russell 2000 | -4.62% |
The market indices also had its first significant pullback since the market bottom on Mar 14. The question then becomes whether the market can rebound from this pullback. Nasdaq is at risk of another technical correction of 10% if it doesn't pull itself backup soon.
| 2022 Mar 29 - Apr 9 Pullback | |
| Nasdaq | -6.54% |
| S&P 500 | -4.04% |
| Dow Jones | -3.34% |
| Russell 2000 | -7.22% |
What is the current support level?
Nasdaq fell below its 10, 21 and 50 days moving average. This is not good sign. It needs to bounce immediately, otherwise, this uptrend may be broken technically.
S&P 500 fell below 10 days moving average and then to its 21 days moving average. It looks slightly better than Nasdaq.
Dow Jones Industrial Average looks the strongest as it is trying to hold onto its 10 days moving average.
Russell 2000 fell further below its 50 days moving average and is the weakest of all the major indices. This is not a good sign.
- NASDAQ - below its 50 days moving average line near 13800; current at 13711
- S&P 500 - above its 50 days moving average line near 4420; current at 4488
- DJIA - above its 50 days moving average line near 34400; current at 34721
- RUSSELL 2000 - below its 50 days moving average line near 2025; current at 1994
Psychological levels
- Nasdaq is now below 14000.
- S&P 500 is now below 4500.
- Dow Jones Industrial Average is above 34000.
- Small cap Russell 2000 is now below 2000.
Stock market breadth - Accumulation vs Distribution for this week:
#industry groups 24 vs 72
#stocks 111 vs 355
The distribution this week for both stocks and industry groups overwhelm the ones under accumulation by nearly 3 to 1 ratio. There is no clear sign that market trend has changed so it continues to favor the stock market uptrend.
Check out our course How to measure or calculate stock market breadth.
Which stocks from each industry group show strength?
There are some accumulation on health related groups as this sector prove to be more defensive in nature.
| Sector | Industry | Sub-group | # | Stocks |
| Technology | Technology | Computer Software: Prepackaged Software (Special) | 1 | CDK |
| Technology | Technology | Computer Software: Prepackaged Software (Education/Media) | 1 | PERI |
| Technology | Technology | Computer Software: Prepackaged Software (Enterprise) | 1 | CXM |
| Technology | Technology | Computer Software: Prepackaged Software (Financial) | 1 | BKI |
| Technology | Technology | EDP Services (Medical) | 1 | CHNG |
| Technology | Technology | Computer Software: Prepackaged Software (Security) | 1 | TUFN |
| Technology | Technology | EDP Services (Tech Services) | 2 | CTG, HCKT |
| Technology | Public Utilities | Telecommunications Equipment (Foreign) | 1 | TEO |
| Technology | Public Utilities | Telecommunications Equipment (Integrated) | 1 | VZ |
| Technology | Public Utilities | Telecommunications Equipment (Wireless) | 2 | TMUS, USM |
| Technology | Technology | Radio And Television Broadcasting And Communications Equipment | 2 | CLRO, GOGO |
| Retail | Capital Goods | Auto Manufacturing | 1 | TTM |
| Retail | Consumer Non-Durables | Beverages Alcoholic (Production/Distribution) | 2 | MGPI, STZ |
| Retail | Consumer Non-Durables | Beverages Non-Alcoholic (Production/Distribution) | 1 | FIZZ |
| Retail | Consumer Non-Durables | Consumer Electronics/Appliances | ||
| Retail | Consumer Services | Other Consumer Services | 1 | EDU |
| Retail | Consumer Non-Durables | Package Goods/Cosmetics | 2 | CL, MED |
| Retail | Consumer Non-Durables | Specialty Foods | 1 | SMPL |
| Retail | Consumer Non-Durables | Packaged Foods | 3 | CAG, LW, STKL |
| Retail | Consumer Services | Automotive Aftermarket (Parts) | 1 | GPC |
| Retail | Consumer Services | Clothing/Shoe/Accessory Stores | 1 | DBI |
| Retail | Consumer Services | Department/Specialty Retail Stores | 3 | BJ, DG, OLLI |
| Retail | Consumer Services | Department/Specialty Retail Stores | 3 | COST, PSMT, TGT |
| Retail | Consumer Services | Food Chains | 2 | ACI, CASY |
| Retail | Transportation | Air Freight/Delivery Services | 1 | SAVE |
| Industrial | Capital Goods | Military/Government/Technical | 1 | TDY |
| Industrial | Capital Goods | Engineering & Construction | 1 | PRIM |
| Industrial | Basic Industries | Paints/Coatings | 1 | RPM |
| Industrial | Basic Industries | Major Chemicals: Others | 1 | CNEY |
| Industrial | Miscellaneous | Business Services | 2 | ICFI, RGP |
| Industrial | Miscellaneous | Office Equipment/Supplies/Services | ||
| Industrial | Miscellaneous | Business Services (Market Research) | 3 | FDS, MORN, NLSN |
| Industrial | Miscellaneous | Business Services (Outsourcing) | 2 | ADP, CNDT |
| Industrial | Technology | Professional Services | 1 | JOBS |
| Industrial | Technology | Industrial Machinery/Components | 1 | ROP |
| Industrial | Miscellaneous | Industrial Machinery/Components | 1 | MEI |
| Industrial | Consumer Services | Other Consumer Services | 1 | SCI |
| Industrial | Capital Goods | Fluid Controls | 1 | ERII |
| Industrial | Public Utilities | Power Generation | 2 | AEE, CMS |
| Industrial | Basic Industries | Electric Utilities: Central | 1 | ETR |
| Health | Health Care | Major Pharmaceuticals | 15 | AMPH, BPMC, CORT, CYTK, ENTA, INSM, IONS, PCRX, RARE, REGN, RPRX, SRPT, SUPN, UTHR, VRTX |
| Health | Health Care | Major Pharmaceuticals (Diversified) | 1 | LLY |
| Health | Health Care | Major Pharmaceuticals (Ethical Drugs) | 8 | BMY, ENDP, JAZZ, MRK, NVO, NVS, SNY, ZTS |
| Health | Health Care | Major Pharmaceuticals (Generic Drugs) | 1 | TEVA |
| Health | Health Care | Medical Specialities | 2 | ANTM, UNH |
| Health | Health Care | Medical/Nursing Services | 2 | ACHC, DVA |
| Health | Health Care | Medical/Dental Instruments | 4 | ANGO, GKOS, LNTH, SILK |
| Health | Health Care | Biotechnology: Commercial Physical & Biological Research | 2 | BIO, IQV |
| Health | Health Care | Medical Specialities (Supplies) | 1 | PDCO |
| Health | Health Care | Biotechnology: Electromedical & Electrotherapeutic Apparatus | 2 | HOLX, SWAV |
| Health | Health Care | Other Pharmaceuticals | 2 | ABC, CAH |
| Commodities | Basic Industries | Agricultural Chemicals | 2 | IPI, LXU |
| Commodities | Energy | Coal Mining | 1 | ARCH |
| Commodities | Energy | Oilfield Services/Equipment | 1 | RES |
| Commodities | Energy | Oil & Gas Production (Royalty Trust) | 1 | SBR |
| Commodities | Energy | Oil & Gas Production (U.S.) | 3 | BSM, SBOW, SWN |
| Financial | Finance | Investment Bankers/Brokers/Service | 1 | LPLA |
| Financial | Consumer Services | Real Estate Investment Trusts | 1 | AMT |
| Financial | Consumer Services | Other Consumer Services (Specialty) | 3 | BCSF, ENV, TW |
| Financial | Finance | Specialty Insurers | 1 | AJG |
| Financial | Finance | Property-Casualty Insurers | 1 | PGR |
| Financial | Finance | Real Estate | 1 | NTP |
Which stocks from each industry group show weakness?
| Industry | Sub-group | # | Stocks |
| Technology | Computer Software: Prepackaged Software (Special) | -4 | CRTD, DCT, IS, TEAM |
| Technology | Computer Software: Prepackaged Software (Design) | -1 | PTC |
| Technology | Computer Software: Prepackaged Software (Enterprise) | -10 | ALIT, BRZE, CNXC, DOMO, ECOM, EGHT, ETWO, FRSH, PATH, PAYC |
| Technology | Computer Software: Prepackaged Software (Financial) | -2 | ACIW, FICO |
| Technology | Computer Software: Prepackaged Software (Security) | -1 | CGNT |
| Technology | Electronic Components | -3 | PSTG, SGH, WDC |
| Technology | Computer Manufacturing | -1 | DELL |
| Technology | EDP Services (Integrated System) | -1 | AGYS |
| Technology | Computer Communications Equipment | -1 | DGII |
| Technology | EDP Services (Tech Services) | -2 | PRFT, UIS |
| Technology | Semiconductors | -8 | HIMX, LSCC, MPWR, MRVL, MXL, NXPI, QCOM, SMTC |
| Technology | Semiconductors (Equip) | -13 | ACLS, ACMR, AEHR, AEIS, AMAT, CCMP, COHU, ENTG, ICHR, MKSI, NVMI, ONTO, UCTT |
| Technology | Semiconductors (Manufacturing) | -10 | ADI, ALGM, AMKR, DIOD, MTSI, MX, ON, PI, STM, SWKS |
| Technology | Computer Software: Programming, Data Processing (Content) | -2 | BILI, KIND |
| Technology | Radio And Television Broadcasting And Communications Equipment | -1 | BDC |
| Technology | Radio And Television Broadcasting And Communications Equipment | -1 | VOXX |
| Consumer Durables | Telecommunications Equipment | -1 | INFN |
| Technology | Radio And Television Broadcasting And Communications Equipment | -2 | COMM, VSAT |
| Consumer Services | Clothing/Shoe/Accessory Stores | -2 | KTB, LEVI |
| Capital Goods | Auto Manufacturing | -3 | GM, HMC, NIO |
| Capital Goods | Auto Parts:O.E.M. (Equipment) | -3 | DAN, VC, WKHS |
| Consumer Non-Durables | Beverages Non-Alcoholic (Production/Distribution) | -1 | NBEV |
| Consumer Durables | Specialty Chemicals | -3 | ACB, OGI, TLRY |
| Consumer Services | Other Consumer Services | -2 | FC, LRN |
| Consumer Non-Durables | Package Goods/Cosmetics | -1 | IFF |
| Capital Goods | Industrial Machinery/Components | -1 | SYNA |
| Consumer Non-Durables | Packaged Foods (Dairy) | -1 | OTLY |
| Consumer Services | Catalog/Specialty Distribution | -1 | LNDC |
| Consumer Durables | Office Equipment/Supplies/Services | -2 | HNI, SCS |
| Consumer Non-Durables | Plastic Products | -1 | MIDD |
| Consumer Services | Hotels/Resorts (Gaming) | -4 | CZR, EBET, RRR, SGMS |
| Consumer Services | Consumer Electronics/Video Chains | -5 | CSSE, DLPN, FUBO, GAIA, MCS |
| Consumer Non-Durables | Recreational Products/Toys, Motor Vehicles | -5 | BC, ELY, ESCA, MBUU, YETI |
| Consumer Services | Marine Transportation | -5 | CCL, EDR, SEAS, TNL, VAC |
| Miscellaneous | Business Services | -2 | ISPO, SEAT |
| Consumer Services | Television Services | -1 | VIA |
| Consumer Services | Television Services | -3 | GTN, NXST, SSP |
| Consumer Durables | Automotive Aftermarket | -3 | CVNA, RUSHA, VRM |
| Consumer Services | RETAIL: Building Materials | -2 | BXC, SITE |
| Miscellaneous | Business Services (Internet) | -2 | RENT, SSTK |
| Consumer Services | Other Specialty Stores (Leisure) | -1 | PLBY |
| Consumer Services | Restaurants | -7 | BJRI, KRUS, NATH, PLAY, SBUX, SHAK, WEN |
| Transportation | Air Freight/Delivery Services | -3 | ALGT, JBLU, ULCC |
| Technology | Retail: Computer Software & Peripheral Equipment | -1 | SNX |
| Capital Goods | Military/Government/Technical | -2 | HEI, JOBY |
| Consumer Durables | Consumer Electronics/Appliances | -1 | AOS |
| Consumer Durables | Building Products | -11 | APOG, ATKR, AYI, AZEK, BLD, BLDR, GFF, OC, PGTI, TILE, TREX |
| Capital Goods | Engineering & Construction | -2 | HIL, MTZ |
| Finance | Diversified Commercial Services | -1 | IBP |
| Industrial | Consumer Non-Durables | -3 | CVCO, REVG, SKY |
| Basic Industries | Forest Products | -3 | LPX, UFPI, WFG |
| Basic Industries | Major Chemicals | -2 | HUN, WLK |
| Basic Industries | Major Chemicals: Others | -5 | ATC, ESI, MTX, PX, UNVR |
| Technology | Diversified Commercial Services | -7 | HRI, R, TGH, TRTN, UHAL, URI, WSC |
| Miscellaneous | Business Services (Outsourcing) | -1 | UNF |
| Technology | Professional Services | -3 | MAN, RHI, TBI |
| Technology | Industrial Machinery/Components | -2 | CSL, TRS |
| Technology | Electrical Products | -1 | SANM |
| Capital Goods | Electrical Products | -1 | CYBE |
| Consumer Durables | Metal Fabrications | -5 | AZZ, FELE, GNRC, RRX, VLTA |
| Miscellaneous | Industrial Machinery/Components | -6 | ARW, AVT, BELFB, LFUS, VICR, VSH |
| Consumer Services | Other Consumer Services | -1 | HI |
| Capital Goods | Fluid Controls | -8 | CFX, DOV, ESE, GGG, HLIO, IR, ITT, KRNT |
| Capital Goods | Industrial Machinery/Components (Tools) | -2 | KMT, LECO |
| Basic Industries | Aluminum | -3 | MTRN, NNBR, WOR |
| Consumer Services | Office Equipment/Supplies/Services | -1 | DLX |
| Basic Industries | Paper | -3 | AIN, NP, SWM |
| Basic Industries | Environmental Services | -2 | CECE, TTEK |
| Consumer Services | Diversified Commercial Services | -4 | ALRM, BCO, MSA, REZI |
| Transportation | Air Freight/Delivery Services | -4 | AAWW, ATSG, FDX, UPS |
| Capital Goods | Wholesale Distributors | -1 | GBX |
| Transportation | Trucking Freight/Courier Services | -3 | DSKE, SNDR, XPO |
| Transportation | Railroads | -2 | NSC, UNP |
| Consumer Services | Marine Transportation | -6 | CMRE, DAC, GSL, KEX, MATX, ZIM |
| Transportation | Trucking Freight/Courier Services | -9 | ARCB, FWRD, HTLD, MRTN, ODFL, PTSI, SAIA, TFII, USAK |
| Capital Goods | Auto Manufacturing | -3 | CVGI, OSK, SHYF |
| Health Care | Major Pharmaceuticals | -6 | BEAM, CDMO, LGND, RPTX, TRVN, VERV |
| Health Care | Medical/Nursing Services | -1 | MD |
| Health Care | Medical/Dental Instruments | -1 | RGEN |
| Health Care | Biotechnology: Commercial Physical & Biological Research | -1 | DNAY |
| Health Care | Medical Specialities (Services) | -1 | BEAT |
| Health Care | Biotechnology: Electromedical & Electrotherapeutic Apparatus | -2 | INMD, MASI |
| Energy | Industrial Machinery/Components | -5 | CWEN, GPRE, KEN, PLUG, REX |
| Technology | Semiconductors (Solar) | -2 | ARRY, SHLS |
| Capital Goods | Construction/Ag Equipment/Trucks | -1 | TEX |
| Capital Goods | Industrial Machinery/Components | -2 | ALG, LNN |
| Basic Industries | Precious Metals | -2 | LAC, PLL |
| Finance | Commercial Banks | -2 | BAP, CM |
| Finance | Major Banks (Midwest) | -2 | ASB, MBIN |
| Finance | Major Banks | -1 | TD |
| Finance | Major Banks (Northeast) | -6 | CFG, CUBI, EGBN, INDB, LBAI, MCB |
| Finance | Major Banks (Southeast) | -11 | ABCB, FBK, FBNC, HOMB, LOB, OFG, OZK, PNFP, RNST, SFNC, TRMK |
| Finance | Major Banks (Regional) | -3 | HBAN, KEY, SIVB |
| Finance | Major Banks (West) | -13 | ABTX, BANR, COLB, CVBF, GBCI, HOPE, IBTX, PB, PPBI, STXB, TBK, TCBI, WAL |
| Capital Goods | Homebuilding | -14 | BZH, CCS, DHI, GRBK, HOV, KBH, LEN, LGIH, MDC, NVR, PHM, TMHC, TOL, TPH |
| Finance | Finance: Consumer Services | -1 | WD |
| Finance | Finance: Consumer Services | -1 | COOP |
| Miscellaneous | Business Services | -3 | FOUR, IIIV, TOST |
| Finance | Investment Bankers/Brokers/Service | -9 | BGCP, COWN, HLI, MC, MKTX, OPY, PIPR, PWP, RILY |
| Finance | Investment Managers | -1 | VRTS |
| Consumer Services | Real Estate Investment Trusts | -3 | GPMT, LADR, STWD |
| Consumer Services | Real Estate Investment Trusts | -2 | NMIH, RKT |
| Consumer Services | Real Estate Investment Trusts | -2 | AHT, IIPR |
| Finance | Major Banks (Savings) | -5 | BKU, FBC, FFBC, ISBC, WSFS |
| Consumer Services | Other Consumer Services (Specialty) | -1 | ICE |
| Finance | Life Insurance | -1 | AEL |
| Finance | Property-Casualty Insurers | -7 | EIG, FAF, FNF, MBI, MHLD, STC, UIHC |
| Finance | Real Estate | -6 | FOR, JLL, JOE, NMRK, RDFN, RLGY |
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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