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Research >> MCBOSS CAPITAL >> Stock market news today 2022 >> The market rally took a pause this week - June 3, 2022
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The market rally took a pause this week - June 3, 2022

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What happen to the market this week?

The market rally took a pause this week after Microsoft gave a downward forecast revision on their earnings. Jamie Dimon from JP Morgan also gave a bleak outlook on the economy saying an economic hurricane is coming. And Tesla has announced a 10% workforce cut as CEO Musk also has a super bad feeling about the economy. The job report is much stronger than expected. A Fed representative signals September rate hike most likely with futures signal rate hikes of 0.50% in June, July and September.

This week the major indices gave back a little bit of gains after turning out the best weekly performance this year in the week before.

Index May 31 - Jun. 3
Nasdaq -0.98%
S&P 500 -1.20%
Dow Jones -0.94%
Russell 2000 -0.26%


Is stock market showing signs of bottoming?

The market rally is trying to hold on to previous week's huge gains. This week it suffers smaller losses.

2021-2022 Correction
Nasdaq (since Nov 22, 2021 to May 20, 2022) -31.93%
S&P 500 (since Jan 4, 2022 to May 20, 2022) -20.93%
Dow Jones (since Jan 5, 2022 to May 20, 2022) -17.09%
Russell 2000 (since Nov 8, 2021 to May 12, 2022) -30.82%


It is possible that we may have a definite bottom of this bear market, but it could also be that we are in a bear market rally. Only time will tell. But for now, this market rally seems to be gaining some momentum as more stocks are being accumulated as shown in this article below, but things could turn quick if there are any signs of companies growth slowing amid a weaker economy.

What is the current support level?

All the general market indices are trying to hold above its short term 10 and 21 days moving average. If it can hold, the next challenge will be its 50 days moving average.

  • NASDAQ - below its 50 days moving average line near 13000; current at 12012
  • S&P 500 - below its 50 days moving average line near 4300; current at 4108
  • DJIA - below its 50 days moving average line near 33600; current at 32899
  • RUSSELL 2000 - below its 50 days moving average line near 1940; current at 1883

Psychological levels

  • Nasdaq is now above 12000.
  • S&P 500 is now above 4100.
  • Dow Jones Industrial Average is slightly below 33000.
  • Small cap Russell 2000 is now above 1800.

Stock market breadth - Accumulation vs Distribution for this week:

AccumulationDistribution
#industry groups5526
#stocks277122

We continue to see more accumulation this week despite a down week. This is a good sign for the market.

Which stocks from each industry group show strength?

Although down from last week, there are still many industry groups from different sectors that show strength this week with accumulation in many stocks. This is a bullish sign.

Sector Industry Sub-group # Stocks
Technology Technology Computer Software: Prepackaged Software (Special) 2 SPSC, VMW
Technology Technology Computer Software: Prepackaged Software (Database) 5 CVLT, DBX, ESTC, MDB, OTEX
Technology Technology Computer Software: Prepackaged Software (Design) 2 BSY, U
Technology Technology Computer Software: Prepackaged Software (Enterprise) 12 ALIT, AUDC, BLKB, CRM, DDOG, ECOM, NOW, PATH, PCTY, SMAR, TRMR, YMM
Technology Technology Computer Software: Prepackaged Software (Financial) 1 ACIW
Technology Technology EDP Services (Medical) 3 AMWL, EVH, VEEV
Technology Technology Computer Software: Prepackaged Software (Security) 5 CHKP, HRT, KNBE, OKTA, VRNT
Technology Technology Electronic Components 1 PSTG
Technology Technology Computer Manufacturing 2 HPQ, SMCI
Technology Technology EDP Services (Integrated System) 1 AGYS
Technology Technology Computer Communications Equipment 2 DGII, SWIR
Technology Technology EDP Services (Tech Services) 2 CDW, RCMT
Technology Technology Semiconductors 1 AMD
Technology Technology Semiconductors (Equip) 1 PLAB
Technology Technology Semiconductors (Manufacturing) 2 IMOS, ON
Technology Technology Computer Software: Programming, Data Processing (Content) 8 ATHM, BIDU, BZ, DHX, FENG, KIND, MOMO, WB
Technology Technology EDP Services 1 TCX
Technology Technology Radio And Television Broadcasting And Communications Equipment 2 ADTN, CMTL
Retail Consumer Services Clothing/Shoe/Accessory Stores 7 CPRI, CRI, GIII, GIL, PVH, RL, UA
Retail Consumer Non-Durables Shoe Manufacturing 3 CROX, NKE, WWW
Retail Capital Goods Auto Manufacturing 2 LI, NIO
Retail Capital Goods Auto Parts:O.E.M. (Equipment) 5 APTV, DAN, MOD, THRM, TSP
Retail Capital Goods Auto Parts:O.E.M. (Parts) 1 SMP
Retail Consumer Durables Automotive Aftermarket 1 TWI
Retail Consumer Services Other Consumer Services 2 FC, TEDU
Retail Consumer Non-Durables Package Goods/Cosmetics 3 EL, ELF, MED
Retail Capital Goods Industrial Machinery/Components 1 IDCC
Retail Consumer Services Catalog/Specialty Distribution 1 CVGW
Retail Consumer Services Hotels/Resorts (Gaming) 1 GDEN
Retail Consumer Services Hotels/Resorts (Lodging) 1 CHH
Retail Consumer Services Consumer Electronics/Video Chains 1 CURI
Retail Consumer Services Marine Transportation 1 EDR
Retail Miscellaneous Business Services 1 SOND
Retail Consumer Durables Automotive Aftermarket 1 LAZY
Retail Consumer Services RETAIL: Building Materials 1 BXC
Retail Consumer Non-Durables Consumer Specialties 1 BRLT
Retail Consumer Services Clothing/Shoe/Accessory Stores 2 LULU, URBN
Retail Consumer Services Other Specialty Stores 2 LOVE, RH
Retail Miscellaneous Business Services (Internet) 5 AMZN, CHWY, JD, LVLU, PDD
Retail Consumer Services Other Specialty Stores (Leisure) 1 DTC
Retail Consumer Services Department/Specialty Retail Stores 1 COST
Retail Consumer Services Restaurants 2 BH, SBUX
Retail Basic Industries Package Goods/Cosmetics 1 ECL
Industrial Capital Goods Military/Government/Technical 6 BA, HEI, MRCY, NOC, RADA, TDY
Industrial Consumer Durables Building Products 5 AWI, CSTE, SWIM, WMS, WTS
Industrial Capital Goods Tools/Hardware 1 TTC
Industrial Capital Goods Engineering & Construction 1 PWR
Industrial Basic Industries Forest Products 2 LPX, WFG
Industrial Basic Industries Major Chemicals 1 BAK
Industrial Basic Industries Major Chemicals: Plastics 1 TG
Industrial Basic Industries Major Chemicals: Others 5 MEOH, NGVT, OEC, TROX, UNVR
Industrial Miscellaneous Business Services 1 RGP
Industrial Technology Diversified Commercial Services 2 URI, WSC
Industrial Technology Professional Services 1 KFRC
Industrial Technology Industrial Machinery/Components 1 EMR
Industrial Technology Electrical Products 1 KE
Industrial Consumer Durables Metal Fabrications 2 GNRC, ROK
Industrial Miscellaneous Industrial Machinery/Components 2 LASR, WCC
Industrial Capital Goods Fluid Controls 2 ERII, ZWS
Industrial Basic Industries Aluminum 2 IIIN, ROCK
Industrial Basic Industries Paper 2 CLW, VRTV
Industrial Basic Industries Environmental Services 2 DCI, TTEK
Industrial Consumer Services Diversified Commercial Services 2 ITRN, NSSC
Industrial Transportation Air Freight/Delivery Services 1 UPS
Industrial Transportation Railroads 1 CP
Industrial Consumer Services Marine Transportation 3 CPLP, EGLE, ESEA
Industrial Transportation Trucking Freight/Courier Services 1 ODFL
Industrial Capital Goods Auto Manufacturing 1 PCAR
Industrial Public Utilities Power Generation 1 GNE
Industrial Basic Industries Electric Utilities: Central 2 NEE, POR
Industrial Public Utilities Water Supply 1 AWK
Health Health Care Major Pharmaceuticals 19 AMRN, ANIK, BPMC, CRSP, DNA, ENTA, NBIX, NGM, PBYI, RARE, RCKT, RGC, RGNX, RPTX, SAGE, SPPI, SRNE, SURF, TRVN
Health Health Care Major Pharmaceuticals (Ethical Drugs) 1 ENDP
Health Health Care Medical Specialities 1 AMEH
Health Health Care Medical/Dental Instruments 1 SILK
Health Health Care Medical Specialities (Services) 1 IRTC
Health Health Care Medical Specialities (Supplies) 1 ELAN
Health Health Care Biotechnology: Electromedical & Electrotherapeutic Apparatus 2 AXNX, WAT
Health Health Care Other Pharmaceuticals 1 PETQ
Commodities Consumer Services Farming/Seeds/Milling 1 DAR
Commodities Basic Industries Agricultural Chemicals 1 SMG
Commodities Energy Industrial Machinery/Components 2 CHPT, NEP
Commodities Energy Coal Mining 1 METC
Commodities Technology Semiconductors (Solar) 3 CSIQ, JKS, RUN
Commodities Capital Goods Industrial Machinery/Components 1 LNN
Commodities Basic Industries Precious Metals 1 AGI
Commodities Basic Industries Precious Metals 1 SCCO
Commodities Energy Oil & Gas Production (Canada) 1 ERF
Commodities Energy Oil & Gas Production: Drilling 1 VAL
Commodities Energy Oilfield Services/Equipment 3 CLB, HAL, PUMP
Commodities Energy Integrated oil Companies 5 AM, EC, NFE, PTR, SNP
Commodities Energy Oil & Gas Production (International) 4 APA, COP, HES, OVV
Commodities Energy Metal Fabrications 4 BKR, FET, GEOS, NOV
Commodities Energy Integrated oil Companies 8 CVI, DINO, DK, MPC, PBF, TRGP, UGI, VLO
Commodities Energy Oil & Gas Production (Royalty Trust) 3 SBR, SJT, TPL
Commodities Energy Natural Gas Distribution 9 DCP, ENB, FLNG, GLNG, LPG, NVGS, PAA, RTLR, STNG
Commodities Energy Oil & Gas Production (U.S.) 20 BSM, CDEV, CIVI, DEN, DVN, EOG, ESTE, FANG, LPI, MNRL, NOG, OAS, PDCE, ROCC, SBOW, SD, SM, VNOM, WLL, WTI
Commodities Basic Industries Steel/Iron Ore 1 HWM
Financial Finance Commercial Banks 3 CIB, CM, NU
Financial Finance Major Banks (Midwest) 1 MBIN
Financial Finance Major Banks (Northeast) 1 WBS
Financial Finance Major Banks (Southeast) 3 FBK, HOMB, TRMK
Financial Capital Goods Homebuilding 3 BZH, DHI, HOV
Financial Miscellaneous Business Services 2 PAYS, STNE
Financial Finance Investment Bankers/Brokers/Service 1 FRHC
Financial Finance Investment Managers 1 WHG
Financial Consumer Services Real Estate Investment Trusts 2 NMIH, OCN
Financial Consumer Services Real Estate Investment Trusts 3 AMT, BNL, VICI
Financial Finance Major Banks (Savings) 1 PFC
Financial Consumer Services Other Consumer Services (Specialty) 1 NRDS
Financial Finance Specialty Insurers 2 ERIE, RYAN
Financial Finance Property-Casualty Insurers 1 HRTG
Financial Finance Real Estate 1 BEKE


Which stocks from each industry group show weakness?

Sector Industry Sub-group # Stocks
Technology Technology Computer Software: Prepackaged Software (Special) -2 IS, ZUO
Technology Technology Computer Software: Prepackaged Software (Education/Media) -2 BCOV, DAO
Technology Technology Computer Software: Prepackaged Software (Enterprise) -7 APPS, HCP, LAW, NET, SNOW, WIX, ZEN
Technology Technology Computer Software: Prepackaged Software (Financial) -1 COIN
Technology Technology EDP Services (Medical) -2 GDRX, SGFY
Technology Technology EDP Services (Tech Services) -1 PRCH
Technology Technology Computer Software: Programming, Data Processing (Content) -2 DOYU, YY
Retail Consumer Services Clothing/Shoe/Accessory Stores -1 VSCO
Retail Capital Goods Auto Manufacturing -1 TSLA
Retail Consumer Non-Durables Beverages Alcoholic (Production/Distribution) -1 TAP
Retail Consumer Durables Specialty Chemicals -1 CRON
Retail Consumer Non-Durables Package Goods/Cosmetics -1 HELE
Retail Consumer Non-Durables Specialty Foods -1 TR
Retail Consumer Non-Durables Meat/Poultry/Fish -1 HRL
Retail Consumer Services Catalog/Specialty Distribution -2 DOLE, MKC
Retail Consumer Non-Durables Packaged Foods -4 CPB, FLO, K, PEP
Retail Consumer Non-Durables Plastic Products -1 NWL
Retail Consumer Services Hotels/Resorts (Gaming) -1 DKNG
Retail Consumer Non-Durables Recreational Products/Toys, Motor Vehicles -2 DOOO, VSTO
Retail Miscellaneous Business Services -1 VCSA
Retail Consumer Services Newspapers/Magazines -1 NWSA
Retail Consumer Services Television Services -1 AMCX
Retail Consumer Services Clothing/Shoe/Accessory Stores -4 ANF, DLTH, EXPR, ZUMZ
Retail Consumer Services Consumer Electronics/Video Chains -1 CONN
Retail Consumer Services Other Specialty Stores -3 AAN, BBBY, KIRK
Retail Miscellaneous Business Services (Internet) -1 REAL
Retail Consumer Services Other Specialty Stores (Leisure) -1 SPWH
Retail Consumer Services Restaurants -3 CBRL, PLAY, SG
Retail Consumer Services Other Specialty Stores -1 JOAN
Retail Consumer Services Food Chains -2 CBD, NGVC
Retail Transportation Air Freight/Delivery Services -2 DAL, SNCY
Retail Consumer Non-Durables Food Distributors -1 PFGC
Industrial Capital Goods Military/Government/Technical -1 ISSC
Industrial Basic Industries Major Chemicals -1 LYB
Industrial Basic Industries Major Chemicals: Plastics -1 DOW
Industrial Basic Industries Major Chemicals: Others -1 CNEY
Industrial Technology Advertising -2 IPG, OMC
Industrial Technology Professional Services -1 MAN
Industrial Technology Electrical Products -1 LWLG
Industrial Capital Goods Electrical Products -1 FARO
Industrial Basic Industries Paper -1 IP
Industrial Basic Industries Electric Utilities: Central -1 FE
Health Finance Specialty Insurers -1 CRVL
Health Health Care Major Pharmaceuticals -10 ACOR, CGEN, EXAS, HRTX, INCY, INO, REGN, RIGL, TSVT, TWST
Health Health Care Major Pharmaceuticals (Diversified) -1 GSK
Health Health Care Major Pharmaceuticals (Ethical Drugs) -1 MRK
Health Health Care Major Pharmaceuticals (Generic Drugs) -1 TARO
Health Health Care Hospital/Nursing Management -2 HCA, UHS
Health Health Care Medical Specialities -3 CI, MOH, PGNY
Health Health Care Medical/Dental Instruments -6 CNMD, MDT, QDEL, TNDM, TXG, ZIMV
Health Health Care Biotechnology: Commercial Physical & Biological Research -2 ILMN, MYGN
Health Health Care Medical Specialities (Services) -4 DGX, LH, ME, NVTA
Health Health Care Biotechnology: Electromedical & Electrotherapeutic Apparatus -2 FONR, STE
Health Health Care Other Pharmaceuticals -2 ABC, MCK
Financial Finance Major Banks (Northeast) -1 EGBN
Financial Finance Major Banks (West) -1 HMST
Financial Finance Finance: Consumer Services -1 LX
Financial Finance Investment Managers -1 MARA
Financial Consumer Services Real Estate Investment Trusts -1 DBRG
Financial Consumer Services Real Estate Investment Trusts -4 LAND, MPW, PCH, SLG
Financial Consumer Services Other Consumer Services (Specialty) -3 FRG, HUT, RIOT
Financial Finance Specialty Insurers -2 AON, FANH
Financial Finance Property-Casualty Insurers (Diversified) -1 AIG
Financial Finance Property-Casualty Insurers -1 HMN
Financial Finance Real Estate -4 CWK, JLL, NMRK, TCN


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