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Research >> MCBOSS CAPITAL >> Stock market news today 2022 >> Stock market decimated rally and S&P 500 made new intraday bear market - May 20, 2022
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Stock market decimated rally and S&P 500 made new intraday bear market - May 20, 2022

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What happen to the market this week?

Stock market decimated rally on Wednesday and make new intraday low on Friday. On Tuesday, the major indices hold a powerful rally. However, earnings news from Target and Walmart are disappointing and confirmed lower consumer spending in big ticket items.

The major indices turn in more losses this week.

Index May. 20
Nasdaq -3.82%
S&P 500 -3.05%
Dow Jones -2.90%
Russell 2000 -1.08%

Is stock market showing signs of bottoming?

S&P confirmed a peak to trough bear market with over 20% correction at least from intraday perspective. On Thursday, S&P 500 was hesitant to undercut last week's low on May 12. That is a good sign. On Friday, S&P 500 did finally undercut that level but was able to recover above that level by end of day. This may also be another good sign of support near this level. 

2021-2022 Correction
Nasdaq (since Nov 22, 2021) -31.93%
S&P 500 (since Jan 4, 2022) -20.93%
Dow Jones (since Jan 5, 2022) -17.09%
Russell 2000 (since Nov 8, 2021) -30.82%

Another good sign is that the Advance/Decline line on both NASDAQ and NYSE did not make a new low this week. This is divergence from the S&P 500 which make a new low. This divergence signifies that more stocks in general may be less willing to sell off.

Russell 2000 is the only index that didn't make a new low. This is also a good sign that at least the small caps may have a new possible trend upward.

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 13000; current at 11354
  • S&P 500 - below its 50 days moving average line near 4380; current at 3901
  • DJIA - below its 50 days moving average line near 34100; current at 30635
  • RUSSELL 2000 - below its 50 days moving average line near 2010; current at 1773

Psychological levels

  • Nasdaq is below 12000.
  • S&P 500 is now below 3900.
  • Dow Jones Industrial Average is now below 31000.
  • Small cap Russell 2000 is below 1800.

Stock market breadth - Accumulation vs Distribution for this week:

AccumulationDistribution
#industry groups4084
#stocks154384

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 (Special) 4 AI, BL, LSPD, VRRM
Technology Technology Computer Software: Prepackaged Software (Database) 2 NTCT, OTEX
Technology Technology Computer Software: Prepackaged Software (Design) 2 CDNS, SNPS
Technology Technology Computer Software: Prepackaged Software (Enterprise) 6 AZPN, BLKB, DOCN, DT, FROG, TRMR
Technology Technology Computer Software: Prepackaged Software (Financial) 3 FICO, QTWO, SSNC
Technology Technology EDP Services (Gaming) 2 EA, SCPL
Technology Technology Computer Software: Prepackaged Software (Security) 1 FTNT
Technology Technology EDP Services (Integrated System) 1 AGYS
Technology Technology Computer Communications Equipment 2 CAMP, SWIR
Technology Technology EDP Services (Tech Services) 1 GIB
Technology Technology Semiconductors 2 AOSL, LSCC
Technology Technology Semiconductors (Manufacturing) 4 ADI, CTS, MX, QRVO
Technology Technology Computer Software: Programming, Data Processing (Content) 1 PINS
Technology Public Utilities Telecommunications Equipment (Foreign) 1 VOD
Technology Technology Radio And Television Broadcasting And Communications Equipment 1 VOXX
Retail Consumer Non-Durables Shoe Manufacturing 1 WWW
Retail Capital Goods Auto Parts:O.E.M. (Equipment) 1 INVZ
Retail Consumer Non-Durables Beverages Non-Alcoholic (Production/Distribution) 2 CELH, KOF
Retail Consumer Non-Durables Consumer Electronics/Appliances 1 HEAR
Retail Consumer Services Other Consumer Services 1 TEDU
Retail Consumer Non-Durables Package Goods/Cosmetics 1 OLPX
Retail Consumer Non-Durables Meat/Poultry/Fish 1 PPC
Retail Consumer Durables Office Equipment/Supplies/Services 1 PRPL
Retail Consumer Services Consumer Electronics/Video Chains 2 AVID, IQ
Retail Consumer Services Marine Transportation 1 MSGS
Retail Miscellaneous Business Services 1 MMYT
Retail Consumer Services Television Services 2 PARA, TV
Retail Consumer Services Newspapers/Magazines 1 NYT
Retail Consumer Services Television Services 3 AMCX, GTN, SBGI
Retail Consumer Durables Automotive Aftermarket 1 DRVN
Retail Consumer Services Clothing/Shoe/Accessory Stores 1 FL
Retail Consumer Services Other Specialty Stores 1 SNBR
Retail Consumer Services Restaurants 1 ARCO
Retail Transportation Air Freight/Delivery Services 1 RYAAY
Industrial Consumer Durables Building Products 3 GFF, PGTI, WMS
Industrial Capital Goods Engineering & Construction 2 GVA, MTZ
Industrial Finance Diversified Commercial Services 2 MYRG, ROL
Industrial Basic Industries Major Chemicals: Plastics 1 TG
Industrial Basic Industries Major Chemicals: Others 6 CC, CNEY, FUL, LTHM, OEC, SOI
Industrial Technology Advertising 2 QNST, TTD
Industrial Miscellaneous Business Services (Market Research) 2 SPGI, TRI
Industrial Consumer Durables Metal Fabrications 1 ABB
Industrial Capital Goods Fluid Controls 2 DXPE, ERII
Industrial Basic Industries Aluminum 1 MLI
Industrial Basic Industries Environmental Services 1 CECE
Industrial Consumer Services Diversified Commercial Services 1 ALRM
Industrial Consumer Services Marine Transportation 5 DSX, GOGL, GRIN, SBLK, ZIM
Industrial Public Utilities Power Generation 3 CPK, NRG, WEC
Industrial Basic Industries Electric Utilities: Central 2 POR, TAC
Health Health Care Major Pharmaceuticals 8 ARWR, CNCE, DVAX, EBS, GMAB, HALO, SGEN, TWST
Health Health Care Major Pharmaceuticals (Diversified) 2 GSK, LLY
Health Health Care Major Pharmaceuticals (Ethical Drugs) 2 MRK, NVS
Health Health Care Major Pharmaceuticals (Generic Drugs) 3 PRGO, RDY, TEVA
Health Health Care Medical/Nursing Services 1 AHCO
Health Health Care Medical/Dental Instruments 5 COO, HSKA, INSP, LMAT, TFX
Health Health Care Biotechnology: Commercial Physical & Biological Research 2 A, FLGT
Health Health Care Medical Specialities (Services) 1 DGX
Health Health Care Medical Specialities (Supplies) 1 ELAN
Health Health Care Biotechnology: Electromedical & Electrotherapeutic Apparatus 4 HAE, HOLX, IDXX, MASI
Commodities Consumer Services Farming/Seeds/Milling 1 CTVA
Commodities Basic Industries Agricultural Chemicals 2 AVD, SQM
Commodities Energy Industrial Machinery/Components 1 AQN
Commodities Technology Semiconductors (Solar) 2 ARRY, SHLS
Commodities Energy Oilfield Services/Equipment 1 NR
Commodities Energy Integrated oil Companies 1 SHEL
Commodities Energy Integrated oil Companies 1 UGP
Commodities Energy Oil & Gas Production (Royalty Trust) 2 PBT, SBR
Commodities Energy Natural Gas Distribution 3 EPD, NVGS, STNG
Commodities Energy Oil & Gas Production (U.S.) 2 CHK, DVN
Financial Finance Major Banks (Northeast) 1 INDB
Financial Finance Major Banks (West) 1 PB
Financial Finance Finance: Consumer Services 2 SLM, SOFI
Financial Miscellaneous Business Services 1 DLO
Financial Finance Investment Bankers/Brokers/Service 3 CS, MC, OPY
Financial Finance Investment Managers 1 VRTS
Financial Consumer Services Real Estate Investment Trusts 1 UWMC
Financial Consumer Services Real Estate Investment Trusts 1 CCI
Financial Consumer Services Other Consumer Services (Specialty) 2 ENV, MSCI
Financial Finance Life Insurance 2 AEL, PUK
Financial Finance Property-Casualty Insurers 3 EIG, HMN, PGR


Which stocks from each industry group show weakness?

Sector Industry Sub-group # Stocks
Technology Technology Computer Software: Prepackaged Software (Special) -2 SPSC, YEXT
Technology Technology Computer Software: Prepackaged Software (Database) -1 CVLT
Technology Technology Computer Software: Prepackaged Software (Design) -2 APPN, PDFS
Technology Technology Computer Software: Prepackaged Software (Education/Media) -2 ARCE, DUOL
Technology Technology Computer Software: Prepackaged Software (Enterprise) -10 APPS, AVYA, CDLX, CRM, NET, NTNX, SHOP, SMAR, SNOW, WDAY
Technology Technology Computer Software: Prepackaged Software (Financial) -1 PEGA
Technology Technology EDP Services (Medical) -2 GDRX, MDRX
Technology Technology Computer Software: Prepackaged Software (Security) -3 INVE, OKTA, STER
Technology Technology Electronic Components -2 PSTG, STX
Technology Technology Computer Manufacturing -3 CRCT, DELL, TACT
Technology Technology Computer Communications Equipment -2 CSCO, JNPR
Technology Technology EDP Services (Tech Services) -5 CLSK, CTSH, HPE, IBM, TWKS
Technology Technology Semiconductors -3 AVGO, MXL, NVDA
Technology Technology Semiconductors (Equip) -2 AEIS, AMAT
Technology Technology Semiconductors (Manufacturing) -1 TSEM
Technology Technology Computer Software: Programming, Data Processing (Content) -1 KIND
Technology Technology EDP Services -2 FFIV, TCX
Technology Technology Radio And Television Broadcasting And Communications Equipment -1 AAPL
Technology Consumer Durables Telecommunications Equipment -1 CIEN
Technology Technology Radio And Television Broadcasting And Communications Equipment -1 NOK
Retail Consumer Services Clothing/Shoe/Accessory Stores -12 COLM, CPRI, CRI, FIGS, GIL, HBI, KTB, RL, UA, UFI, VRA, VSCO
Retail Consumer Non-Durables Shoe Manufacturing -2 CROX, SHOO
Retail Capital Goods Auto Manufacturing -2 GM, TSLA
Retail Capital Goods Auto Parts:O.E.M. (Equipment) -1 APTV
Retail Capital Goods Auto Parts:O.E.M. (Parts) -2 DORM, SMP
Retail Consumer Non-Durables Beverages Alcoholic (Production/Distribution) -3 MGPI, STZ, TAP
Retail Consumer Non-Durables Beverages Non-Alcoholic (Production/Distribution) -2 FIZZ, KO
Retail Consumer Durables Specialty Chemicals -2 CENTA, ENR
Retail Consumer Non-Durables Package Goods/Cosmetics -5 ELF, HELE, MED, PG, REV
Retail Capital Goods Industrial Machinery/Components -2 GLW, ZBRA
Retail Consumer Non-Durables Specialty Foods -4 HSY, MDLZ, SMPL, TR
Retail Consumer Non-Durables Packaged Foods -1 ADM
Retail Consumer Non-Durables Meat/Poultry/Fish -3 CALM, HRL, TSN
Retail Consumer Services Catalog/Specialty Distribution -2 JBSS, MKC
Retail Consumer Non-Durables Packaged Foods -13 BGS, CAG, CPB, FRPT, GIS, HAIN, K, KHC, LANC, PEP, SJM, TWNK, UTZ
Retail Consumer Non-Durables Plastic Products -3 NWL, TUP, WBT
Retail Consumer Services Hotels/Resorts (Gaming) -1 CHDN
Retail Consumer Services Hotels/Resorts (Lodging) -4 CHH, HLT, MAR, WH
Retail Consumer Services Consumer Electronics/Video Chains -2 CURI, RDI
Retail Consumer Non-Durables Recreational Products/Toys, Motor Vehicles -4 FOXF, HOG, PII, YETI
Retail Consumer Services Marine Transportation -11 CCL, CUK, FXLV, NCLH, PLNT, PTON, RCL, SEAS, SIX, TNL, VAC
Retail Consumer Non-Durables Recreational Products/Toys -1 MAT
Retail Miscellaneous Business Services -3 DESP, SOND, VCSA
Retail Consumer Services Television Services -1 FOX
Retail Consumer Services Newspapers/Magazines -2 NWS, NWSA
Retail Consumer Services Automotive Aftermarket (Parts) -6 AAP, AZO, GPC, LKQ, MNRO, ORLY
Retail Consumer Durables Automotive Aftermarket -6 CVNA, CWH, GPI, LAD, LAZY, VRM
Retail Consumer Services RETAIL: Building Materials -6 BECN, BXC, HD, LL, LOW, TSCO
Retail Consumer Non-Durables Consumer Specialties -3 BRLT, MOV, SIG
Retail Consumer Services Clothing/Shoe/Accessory Stores -14 AEO, ANF, BBWI, BOOT, BURL, CAL, CHS, CTRN, GCO, LULU, ONON, ROST, SCVL, URBN
Retail Consumer Services Consumer Electronics/Video Chains -1 BBY
Retail Consumer Services Department/Specialty Retail Stores -4 DDS, JWN, KSS, M
Retail Consumer Services Department/Specialty Retail Stores -6 BIG, BJ, DG, DLTR, FIVE, OLLI
Retail Health Care Medical/Nursing Services -1 WBA
Retail Consumer Services Other Specialty Stores -5 BBBY, LOVE, LZB, RH, WSM
Retail Miscellaneous Business Services (Internet) -8 AMZN, ETSY, FTCH, GRPN, OSTK, REAL, RENT, SSTK
Retail Consumer Services Other Specialty Stores (Leisure) -4 ASO, DKS, DTC, WINA
Retail Consumer Services Department/Specialty Retail Stores -3 COST, TGT, WMT
Retail Consumer Services Restaurants -16 BH, CAKE, DENN, DIN, DRI, EAT, JACK, KRUS, MCD, PZZA, QSR, RRGB, RUTH, SHAK, WEN, WING
Retail Consumer Services Other Specialty Stores -3 JOAN, ULTA, WRBY
Retail Consumer Services Food Chains -5 ACI, CASY, IMKTA, KR, NGVC
Retail Basic Industries Package Goods/Cosmetics -2 CHD, CLX
Retail Consumer Non-Durables Farming/Seeds/Milling -1 MO
Retail Transportation Air Freight/Delivery Services -1 CPA
Retail Consumer Non-Durables Food Distributors -3 PFGC, UNFI, USFD
Industrial Capital Goods Military/Government/Technical -6 BA, GD, RKLB, SPR, TGI, TXT
Industrial Consumer Durables Consumer Electronics/Appliances -3 CARR, FIX, WSO
Industrial Consumer Durables Building Products -3 BLDR, CSTE, WTS
Industrial Industrial Consumer Non-Durables -3 PATK, THO, WGO
Industrial Basic Industries Forest Products -1 BCC
Industrial Technology Advertising -1 LAMR
Industrial Miscellaneous Business Services -3 BAH, ICFI, RGP
Industrial Miscellaneous Office Equipment/Supplies/Services -1 ARC
Industrial Technology Diversified Commercial Services -2 HEES, RCII
Industrial Miscellaneous Business Services (Outsourcing) -1 UNF
Industrial Technology Professional Services -3 ASGN, RHI, ZIP
Industrial Consumer Durables Containers/Packaging -2 ATR, SEE
Industrial Technology Industrial Machinery/Components -3 EMR, ETN, TRS
Industrial Technology Electrical Products -3 FN, LWLG, TTMI
Industrial Capital Goods Electrical Products -1 CGNX
Industrial Consumer Durables Metal Fabrications -1 AZZ
Industrial Miscellaneous Industrial Machinery/Components -2 ARW, IIVI
Industrial Capital Goods Fluid Controls -4 ITW, KRNT, NDSN, ZWS
Industrial Basic Industries Aluminum -5 CENX, IIIN, MTRN, ROCK, SCHN
Industrial Basic Industries Paper -4 NP, PKG, VRTV, WRK
Industrial Consumer Services Diversified Commercial Services -2 ARLO, NSSC
Industrial Transportation Air Freight/Delivery Services -2 FDX, UPS
Industrial Capital Goods Wholesale Distributors -1 GBX
Industrial Transportation Railroads -1 CSX
Industrial Transportation Trucking Freight/Courier Services -3 ARCB, ODFL, SAIA
Industrial Capital Goods Auto Manufacturing -1 SHYF
Health Finance Specialty Insurers -1 CRVL
Health Health Care Major Pharmaceuticals -9 ACOR, ANIK, CGEN, ENTA, EXEL, INO, RARE, RPTX, TGTX
Health Health Care Major Pharmaceuticals (Ethical Drugs) -2 BHC, ENDP
Health Health Care Hospital/Nursing Management -2 CYH, THC
Health Health Care Medical/Nursing Services -1 DVA
Health Health Care Medical/Dental Instruments -2 ABMD, BSX
Health Health Care Biotechnology: Commercial Physical & Biological Research -1 MEDP
Health Health Care Medical Specialities (Services) -1 NVTA
Health Health Care Biotechnology: Electromedical & Electrotherapeutic Apparatus -1 NVRO
Health Health Care Other Pharmaceuticals -2 ABC, PETQ
Commodities Basic Industries Agricultural Chemicals -1 IPI
Commodities Energy Industrial Machinery/Components -1 BLNK
Commodities Energy Coal Mining -1 METC
Commodities Capital Goods Construction/Ag Equipment/Trucks -1 CAT
Commodities Capital Goods Industrial Machinery/Components -2 DE, LNN
Commodities Energy Integrated oil Companies -1 EC
Commodities Energy Oil & Gas Production (U.S.) -2 CDEV, HPK
Commodities Basic Industries Steel/Iron Ore -1 ATI
Financial Finance Commercial Banks -2 CM, NU
Financial Finance Major Banks (Midwest) -1 ASB
Financial Finance Major Banks (Northeast) -5 CBNK, EGBN, LBAI, MCB, TBBK
Financial Finance Major Banks (Regional) -1 TFC
Financial Finance Major Banks (West) -2 HOPE, SI
Financial Finance Finance: Consumer Services -1 TSLX
Financial Finance Finance: Consumer Services -1 WRLD
Financial Miscellaneous Business Services -1 DFS
Financial Finance Investment Bankers/Brokers/Service -1 SF
Financial Finance Investment Managers -2 DHIL, JHG
Financial Consumer Services Real Estate Investment Trusts -2 ABR, NLY
Financial Consumer Services Real Estate Investment Trusts -1 ESNT
Financial Consumer Services Real Estate Investment Trusts -18 AHT, AMH, ARE, ESS, HIW, LAND, LSI, NNN, NSA, NTST, PEB, PLD, ROIC, SKT, SRC, STAG, STOR, UDR
Financial Consumer Services Other Consumer Services (Specialty) -3 BCSF, PRAA, RIOT
Financial Finance Accident &Health Insurance -1 CNO
Financial Finance Specialty Insurers -1 BRO
Financial Finance Property-Casualty Insurers (Diversified) -4 AIG, AIZ, HIG, PFG
Financial Finance Life Insurance -3 LNC, MET, PRU
Financial Finance Property-Casualty Insurers -4 CB, ESGR, GSHD, WRB
Financial Finance Real Estate -3 CBRE, NMRK, RDFN


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