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Research >> MCBOSS CAPITAL >> Stock market news today 2022 >> Nasdaq and Russell 2000 confirmed bear market rally - April 29, 2022
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Nasdaq and Russell 2000 confirmed bear market rally - April 29, 2022

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What happen to the market this week?

Nasdaq and Russell 2000 confirmed bear market rally as these indices undercut the intraday low of March 14, 2022. S&P 500 is also closed to undercutting its March 14 low while Dow Jones Industrial average is still further from its low.

With earnings report out from many big cap techs this week, the market continue to be worrisome about its future. The market indices fell across the board making it one of the worst month since pandemic.

Index Apr. 25-29
Nasdaq -3.93%
S&P 500 -3.27%
Dow Jones -2.47%
Russell 2000 -3.95%


Next week, the market will pay attention to the Federal Reserve May meeting as it prepares to take more aggressive action including 0.5% interest rate hike and reduce its balance sheet. Earnings season will continue as more companies report.

Was the recent rally a bear market rally?

The market indices Nasdaq and Russell 2000 had confirmed a new low since Mar 14. Hence, this is by definition what we witness as a bear market rally. Hence, the correction deepens. Nasdaq and Russell 2000 has corrected about 24% from highest to lowest level.

2021-2022 Correction high low
Nasdaq (since Nov 22, 2021) -24.03% 16212.23 12315.74
S&P 500 -14.61% 4818.62 4,114.65
Dow Jones -12.66% 36952.65 32,272.64
Russell 2000 (since Nov 8, 2021) -24.33% 2458.86 1860.58

There is more detailed analysis of the bear market rally here on Youtube.


What is the current support level?

All the indices fell further below its 50 days moving average. This is a bearish sign. 

  • NASDAQ - below its 50 days moving average line near 13500; current at 12334
  • S&P 500 - below its 50 days moving average line near 4380; current at 4131
  • DJIA - below its 50 days moving average line near 34100; current at 32977
  • RUSSELL 2000 - below its 50 days moving average line near 2010; current at 1864

Psychological levels

  • Nasdaq is now below 13000.
  • S&P 500 is now below 4200.
  • Dow Jones Industrial Average is now below 33000.
  • Small cap Russell 2000 is now below 1900.
There are some bearish analysts who believe that S&P 500 may correct below 4000 level.

Stock market breadth - Accumulation vs Distribution for this week:

AccumulationDistribution
#industry groups14110
#stocks68584

The market uptrend has deteriorated significantly as there continues to be more distribution than accumulation in recent weeks.

Which stocks from each industry group show strength?

Sector Industry Sub-group # Stocks
Technology Technology Computer Software: Prepackaged Software (Design) 1 PTC
Technology Technology Computer Software: Prepackaged Software (Financial) 1 PEGA
Technology Technology Electronic Components 1 WDC
Technology Technology Semiconductors (Equip) 2 COHU, FORM
Technology Technology Semiconductors (Manufacturing) 1 MX
Technology Technology Computer Software: Programming, Data Processing (Content) 1 MOMO
Retail Consumer Services Clothing/Shoe/Accessory Stores 1 VNCE
Retail Capital Goods Auto Parts:O.E.M. (Equipment) 2 ALSN, INVZ
Retail Capital Goods Auto Parts:O.E.M. (Parts) 1 DORM
Retail Consumer Non-Durables Beverages Alcoholic (Production/Distribution) 1 SAM
Retail Consumer Services Other Consumer Services 1 AFYA
Retail Consumer Non-Durables Package Goods/Cosmetics 1 HELE
Retail Capital Goods Industrial Machinery/Components 1 GLW
Retail Consumer Non-Durables Packaged Foods 1 UL
Retail Consumer Non-Durables Plastic Products 1 WHR
Retail Consumer Services Marine Transportation 1 TNL
Retail Consumer Non-Durables Recreational Products/Toys 1 MAT
Retail Consumer Durables Automotive Aftermarket 3 AN, PAG, RUSHA
Retail Consumer Services Clothing/Shoe/Accessory Stores 1 CHS
Retail Consumer Services Department/Specialty Retail Stores 1 DDS
Industrial Consumer Durables Building Products 4 GFF, MAS, MHK, OC
Industrial Industrial Consumer Non-Durables 1 PATK
Industrial Basic Industries Paints/Coatings 1 SHW
Industrial Technology Diversified Commercial Services 1 R
Industrial Miscellaneous Business Services (Outsourcing) 1 NSP
Industrial Technology Industrial Machinery/Components 2 CSL, HON
Industrial Miscellaneous Industrial Machinery/Components 2 ARW, AVT
Industrial Capital Goods Industrial Machinery/Components (Tools) 1 LECO
Industrial Basic Industries Aluminum 2 NNBR, RS
Industrial Consumer Services Office Equipment/Supplies/Services 1 AVY
Industrial Basic Industries Paper 2 CLW, GPK
Industrial Basic Industries Environmental Services 1 WM
Industrial Consumer Services Diversified Commercial Services 1 ALRM
Industrial Transportation Trucking Freight/Courier Services 2 SNDR, ZTO
Industrial Transportation Trucking Freight/Courier Services 3 FWRD, ODFL, USAK
Industrial Public Utilities Power Generation 1 PCG
Health Health Care Major Pharmaceuticals 1 CYTK
Health Health Care Major Pharmaceuticals (Ethical Drugs) 1 MRK
Health Health Care Medical/Dental Instruments 1 LNTH
Commodities Energy Coal Mining 1 ARCH
Commodities Energy Integrated oil Companies 1 CVE
Commodities Energy Integrated oil Companies 3 CLMT, PBF, VLO
Commodities Energy Natural Gas Distribution 1 STNG
Commodities Energy Oil & Gas Production (U.S.) 2 BSM, GPOR
Financial Finance Major Banks (Southeast) 2 FBP, SMMF
Financial 1 DWAC
Financial Finance Finance: Consumer Services 1 FCFS
Financial Consumer Services Real Estate Investment Trusts 2 MGP, PCH
Financial Finance Real Estate 1 ASR

Which stocks from each industry group show weakness?

Technology Technology Computer Software: Prepackaged Software (Database) -2 TDC, WK
Technology Technology Computer Software: Prepackaged Software (Design) -2 ANSS, U
Technology Technology Computer Software: Prepackaged Software (Education/Media) -2 PERI, SPOT
Technology Technology Computer Software: Prepackaged Software (Enterprise) -8 AVYA, CDLX, DOCN, DT, GDDY, PAYC, SHOP, TWLO
Technology Technology Computer Software: Prepackaged Software (Financial) -4 COIN, FICO, INTU, SSNC
Technology Technology EDP Services (Gaming) -5 ATVI, EA, RBLX, TTWO, ZNGA
Technology Technology Computer Software: Prepackaged Software (Security) -3 CHKP, INVE, VRSN
Technology Technology Electronic Components -1 NTAP
Technology Technology Computer Manufacturing -1 CRSR
Technology Technology EDP Services (Integrated System) -1 NATI
Technology Technology Computer Communications Equipment -6 ANET, CSCO, DGII, EXTR, JNPR, SILC
Technology Technology EDP Services (Tech Services) -11 CACI, CDW, CLSK, CTSH, DAVA, GIB, HCKT, INFY, PRFT, TASK, UIS
Technology Technology Semiconductors -3 AVGO, MPWR, NVDA
Technology Technology Semiconductors (Equip) -6 AMAT, ASML, KLAC, MKSI, TER, UCTT
Technology Technology Semiconductors (Manufacturing) -7 AMKR, IMOS, INTC, MTSI, POWI, STM, SWKS
Technology Technology Computer Software: Programming, Data Processing (Content) -5 ANGI, GOOG, GOOGL, IAC, Z
Technology Technology EDP Services -3 FFIV, SWCH, TCX
Technology Consumer Services Television Services -8 ATUS, CABO, CCOI, CMCSA, DISH, LBTYA, SIRI, SJR
Technology Public Utilities Telecommunications Equipment (Foreign) -4 RCI, TEF, TEO, VOD
Technology Public Utilities Telecommunications Equipment (Integrated) -4 CHTR, IDT, T, VZ
Technology Public Utilities Telecommunications Equipment (Wireless) -2 TDS, TMUS
Technology Technology Radio And Television Broadcasting And Communications Equipment -2 AAPL, MSI
Technology Consumer Durables Telecommunications Equipment -1 VIAV
Technology Technology Radio And Television Broadcasting And Communications Equipment -1 VSAT
Retail Consumer Services Clothing/Shoe/Accessory Stores -6 COLM, CRI, GIII, HBI, UFI, VFC
Retail Consumer Non-Durables Shoe Manufacturing -2 SKX, WWW
Retail Capital Goods Auto Manufacturing -4 F, GM, LCID, TSLA
Retail Capital Goods Auto Parts:O.E.M. (Equipment) -3 CPS, HLLY, MOD
Retail Consumer Non-Durables Beverages Alcoholic (Production/Distribution) -1 DEO
Retail Consumer Non-Durables Beverages Non-Alcoholic (Production/Distribution) -2 FMX, KOF
Retail Consumer Durables Specialty Chemicals -1 VUZI
Retail Consumer Services Other Consumer Services -2 BFAM, FC
Retail Consumer Non-Durables Package Goods/Cosmetics -4 CL, LFVN, NUS, WTW
Retail Capital Goods Industrial Machinery/Components -5 IDCC, OLED, ST, SYNA, ZBRA
Retail Consumer Non-Durables Packaged Foods (Dairy) -1 OTLY
Retail Consumer Non-Durables Packaged Foods -1 ADM
Retail Consumer Non-Durables Meat/Poultry/Fish -3 BRFS, BYND, HRL
Retail Consumer Services Catalog/Specialty Distribution -1 JBSS
Retail Consumer Non-Durables Packaged Foods -3 FRPT, JJSF, NOMD
Retail Consumer Durables Office Equipment/Supplies/Services -2 LEG, PRPL
Retail Consumer Services Hotels/Resorts (Gaming) -2 BYD, EBET
Retail Consumer Services Consumer Electronics/Video Chains -3 FUBO, GAIA, NFLX
Retail Consumer Non-Durables Recreational Products/Toys, Motor Vehicles -5 AOUT, ELY, JOUT, NLS, PII
Retail Consumer Services Marine Transportation -5 CAR, EDR, HTZ, SEAS, WMG
Retail Miscellaneous Business Services -1 SABR
Retail Consumer Services Television Services -2 DIS, FOX
Retail Consumer Services Newspapers/Magazines -2 NWS, NYT
Retail Consumer Services Television Services -2 GTN, SSP
Retail Consumer Services Automotive Aftermarket (Parts) -4 AAP, AZO, GPC, ORLY
Retail Consumer Durables Automotive Aftermarket -1 CVNA
Retail Consumer Services RETAIL: Building Materials -1 TSCO
Retail Consumer Services Clothing/Shoe/Accessory Stores -2 LE, RVLV
Retail Health Care Medical/Nursing Services -2 CVS, WBA
Retail Consumer Services Other Specialty Stores -1 LZB
Retail Miscellaneous Business Services (Internet) -8 AMZN, CHWY, DASH, ETSY, FVRR, JMIA, SSTK, W
Retail Consumer Services Other Specialty Stores (Leisure) -4 DTC, POOL, SPWH, WINA
Retail Consumer Services Other Specialty Stores (Mail Order) -1 FLWS
Retail Consumer Services Restaurants -8 CMG, DPZ, EAT, PTLO, PZZA, QSR, WEN, WING
Retail Consumer Services Other Specialty Stores -1 EYE
Retail Consumer Services Food Chains -2 ACI, SFM
Retail Basic Industries Package Goods/Cosmetics -2 CHD, CLX
Retail Transportation Air Freight/Delivery Services -4 ALGT, AZUL, HA, JBLU
Retail Consumer Non-Durables Food Distributors -1 UNFI
Industrial Capital Goods Military/Government/Technical -4 ATRO, BA, HXL, TDY
Industrial Consumer Durables Consumer Electronics/Appliances -5 AAON, AOS, CARR, LII, WSO
Industrial Basic Industries Mining & Quarrying of Nonmetallic Minerals (No Fuels) -1 MLM
Industrial Consumer Durables Building Products -3 AWI, CSTE, MWA
Industrial Capital Goods Tools/Hardware -1 SNA
Industrial Capital Goods Engineering & Construction -1 STRL
Industrial Finance Diversified Commercial Services -2 EME, MYRG
Industrial Basic Industries Major Chemicals -1 BAK
Industrial Basic Industries Paints/Coatings -2 PPG, RPM
Industrial Basic Industries Major Chemicals: Others -1 FUL
Industrial Technology Advertising -2 LAMR, QNST
Industrial Miscellaneous Business Services -1 RGP
Industrial Technology Diversified Commercial Services -3 HEES, HRI, WSC
Industrial Miscellaneous Business Services (Market Research) -1 MCO
Industrial Miscellaneous Business Services (Outsourcing) -5 ADP, CTAS, EXLS, HQY, PAYX
Industrial Technology Professional Services -5 AMN, HSII, KELYA, RHI, TBI
Industrial Consumer Durables Containers/Packaging -1 BLL
Industrial Technology Industrial Machinery/Components -6 GE, JCI, MDU, MMM, PHG, TRS
Industrial Capital Goods Electrical Products -1 FARO
Industrial Consumer Durables Metal Fabrications -8 ABB, AMOT, AZZ, ENS, FELE, GNRC, ROK, RRX
Industrial Consumer Services Other Consumer Services -1 CSV
Industrial Capital Goods Fluid Controls -12 BMI, DOV, GGG, HLIO, IEX, ITT, ITW, KRNT, OTIS, PNR, SXI, ZWS
Industrial Energy Industrial Machinery/Components -3 DDD, MTLS, SSYS
Industrial Basic Industries Metal Fabrications -1 PKOH
Industrial Basic Industries Aluminum -1 SCHN
Industrial Consumer Services Office Equipment/Supplies/Services -1 BRC
Industrial Basic Industries Paper -2 AIN, IP
Industrial Basic Industries Environmental Services -3 DCI, GFL, SRCL
Industrial Consumer Services Diversified Commercial Services -2 LAKE, REZI
Industrial Transportation Air Freight/Delivery Services -1 UPS
Industrial Capital Goods Wholesale Distributors -2 GBX, TRN
Industrial Transportation Railroads -2 CNI, NSC
Industrial Consumer Services Marine Transportation -1 CMRE
Industrial Transportation Trucking Freight/Courier Services -1 TFII
Industrial Capital Goods Auto Manufacturing -3 OSK, PCAR, SHYF
Industrial Public Utilities Power Generation -4 D, DUK, GNE, XEL
Industrial Basic Industries Electric Utilities: Central -4 AEP, NEE, PNM, POR
Industrial Public Utilities Oil/Gas Transmission -2 NFG, NJR
Industrial Public Utilities Water Supply -1 AWR
Health Health Care Major Pharmaceuticals -26 ALNY, AMGN, AMRN, ARGX, ARVN, BEAM, BHVN, BLUE, CARA, CDMO, CDXS, DCPH, EBS, EDIT, EXAS, FATE, HALO, INSM, NGM, NKTR, RCKT, RGNX, SRNE, STRO, TRVN, TWST
Health Health Care Major Pharmaceuticals (Diversified) -1 DHR
Health Health Care Major Pharmaceuticals (Ethical Drugs) -6 ABBV, BHC, ENDP, NVS, SNY, ZTS
Health Health Care Hospital/Nursing Management -3 CYH, THC, UHS
Health Health Care Hospital/Nursing Management (Long term care) -1 ENSG
Health Health Care Medical Specialities -2 CNC, ONEM
Health Health Care Medical/Nursing Services -3 AMED, MD, TDOC
Health Health Care Medical/Dental Instruments -23 ALC, ALGN, BAX, BSX, CNMD, DXCM, EW, GKOS, GMED, HSKA, INSP, LMAT, MDXG, MMSI, NEOG, PEN, QDEL, RMD, SILK, STAA, SYK, TFX, TXG
Health Health Care Biotechnology: Commercial Physical & Biological Research -5 A, ILMN, MEDP, TECH, VCYT
Health Health Care Medical Specialities (Services) -1 LH
Health Health Care Medical Specialities (Supplies) -2 PDCO, WST
Health Health Care Biotechnology: Electromedical & Electrotherapeutic Apparatus -10 AXNX, BRKR, CUTR, HAE, IDXX, INMD, ISRG, PACB, PLSE, SWAV
Health Health Care Other Pharmaceuticals -3 ABC, CAH, OMI
Commodities Consumer Services Farming/Seeds/Milling -1 BG
Commodities Energy Industrial Machinery/Components -4 AMRC, BEP, CWEN, NEP
Commodities Energy Coal Mining -1 BTU
Commodities Technology Semiconductors (Solar) -3 ARRY, JKS, SHLS
Commodities Capital Goods Construction/Ag Equipment/Trucks -2 MTW, TEX
Commodities Capital Goods Industrial Machinery/Components -1 ALG
Commodities Basic Industries Precious Metals -2 RGLD, WPM
Commodities Basic Industries Precious Metals -2 FCX, SCCO
Commodities Energy Oil & Gas Production: Drilling -1 CHX
Commodities Energy Oilfield Services/Equipment -2 HLX, OII
Commodities Energy Integrated oil Companies -1 EQNR
Commodities Energy Metal Fabrications -1 WFRD
Commodities Energy Integrated oil Companies -2 UGI, UGP
Commodities Energy Natural Gas Distribution -3 KMI, MMP, PAA
Commodities Energy Oil & Gas Production (U.S.) -2 DEN, HPK
Commodities Basic Industries Steel/Iron Ore -3 CLF, NUE, STLD
Financial Finance Commercial Banks -2 BLX, ITUB
Financial Finance Major Banks (Midwest) -4 ASB, CBSH, MBIN, UMBF
Financial Finance Major Banks -3 BMO, DB, SAN
Financial Finance Major Banks (Northeast) -6 CFG, CNOB, EGBN, INDB, LBAI, TBBK
Financial Finance Major Banks (Southeast) -9 AUB, FBK, HOMB, HWC, OZK, PNFP, SNV, TRMK, UBSI
Financial Finance Major Banks (Regional) -6 HBAN, KEY, NTRS, PNC, RF, TFC
Financial Finance Major Banks (West) -14 CADE, CFR, COLB, EWBC, FHB, GBCI, HMST, HOPE, HTH, IBTX, PB, PPBI, TCBI, WAFD
Financial Capital Goods Homebuilding -3 DHI, HOV, TMHC
Financial Finance Finance: Consumer Services -4 CGBD, LPRO, TSLX, WD
Financial Finance Finance: Consumer Services -2 COF, RM
Financial Miscellaneous Business Services -2 EEFT, EVRI
Financial Finance Investment Bankers/Brokers/Service -10 AMP, COWN, EVR, LPLA, MC, MKTX, PWP, RILY, RJF, SF
Financial Finance Investment Managers -20 AB, AMG, APAM, ARCC, ARES, BAM, BEN, BLK, CG, HLNE, KKR, MARA, NOAH, SEIC, STEP, STT, TPVG, TROW, VRTS, WETF
Financial Consumer Services Real Estate Investment Trusts -4 BXMT, DBRG, GPMT, NLY
Financial Consumer Services Real Estate Investment Trusts -1 TREE
Financial Consumer Services Real Estate Investment Trusts -27 AMH, AMT, ARE, AVB, BNL, CUBE, DLR, DOC, ELS, EQIX, ESS, EXR, HIW, IIPR, NNN, NSA, PLD, PSA, ROIC, RYN, SLG, STAG, STOR, SUI, TRNO, UDR, VNO
Financial Finance Major Banks (Savings) -4 BKU, FBC, FFBC, WSFS
Financial Consumer Services Other Consumer Services (Specialty) -11 BKKT, HUT, ICE, MSCI, NDAQ, PRAA, RIOT, TRU, TW, VIRT, WU
Financial Finance Accident &Health Insurance -1 TRUP
Financial Finance Specialty Insurers -5 AJG, BRO, ERIE, MMC, RYAN
Financial Finance Property-Casualty Insurers (Diversified) -5 AIG, AIZ, HIG, MFC, PFG
Financial Finance Property-Casualty Insurers -12 ACGL, CINF, FAF, HRTG, KMPR, KNSL, PGR, SIGI, THG, TRV, UIHC, WRB
Financial Finance Real Estate -7 FOR, FSV, JOE, MMI, RDFN, RLGY, TCN



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