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Is this another bear market rally? - June 10, 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 deteriorated this week - April 8, 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
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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Is this another bear market rally? - June 10, 2022
What happen to the market this week?
The market rally may be turning out to be a bear market rally. On Friday, CPI report turns out to show higher inflation of 8.6% than expected 8.3%. The Fed will be having their decision on Wednesday to possibly raise interest rate by 0.50%, 0.75% or 1%. There is no favorable decision here as market is worried that the Fed may have lost control of the inflation.
This week the major indices gave back a lot of recent gains. This is a bearish sign after a 3 week rally from the bottom. Now we need to see if the May 12 or May 20 low can hold.
| Index | Jun. 6 to 10 |
| Nasdaq | -5.60% |
| S&P 500 | -5.05% |
| Dow Jones | -4.58% |
| Russell 2000 | -4.40% |
What is the current support level?
All the general market indices fell below its short term 10 and 21 days moving average. This is bearish sign.
- NASDAQ - below its 50 days moving average line near 12500; current at 11340
- S&P 500 - below its 50 days moving average line near 4200; current at 3900
- DJIA - below its 50 days moving average line near 33200; current at 31392
- RUSSELL 2000 - below its 50 days moving average line near 1900; current at 1800
Psychological levels
- Nasdaq is now below 12000.
- S&P 500 is now below 4000.
- Dow Jones Industrial Average is now below 32000.
- Small cap Russell 2000 is now near 1800.
Stock market breadth - Accumulation vs Distribution for this week:
| Accumulation | Distribution | |
| #industry groups | 9 | 57 |
| #stocks | 53 | 301 |
We saw lots of distribution this week. This is a bad sign for the market as it may signal that the bear market rally may be dead. It won't be official until it undercuts the previous lows on May 12 or 20.
Check out our course How to measure or calculate stock market breadth.
Which stocks from each industry group show strength?
There are not many industry groups under accumulation when comparing to the ones under distribution.
| Sector | Industry | Sub-group | # | Stocks |
| Technology | Technology | Computer Software: Prepackaged Software (Enterprise) | 1 | YMM |
| Technology | Technology | EDP Services (Gaming) | 1 | NTES |
| Technology | Technology | Computer Software: Prepackaged Software (Security) | 1 | CMCM |
| Technology | Technology | Radio And Television Broadcasting And Communications Equipment | 1 | VOXX |
| Retail | Capital Goods | Auto Manufacturing | 2 | LI, XPEV |
| Retail | Consumer Services | Other Consumer Services | 3 | EDU, TAL, TEDU |
| Retail | Consumer Services | Clothing/Shoe/Accessory Stores | 1 | CHS |
| Retail | Consumer Services | Department/Specialty Retail Stores | 1 | KSS |
| Retail | Consumer Services | Department/Specialty Retail Stores | 1 | OLLI |
| Retail | Miscellaneous | Business Services (Internet) | 2 | BABA, PDD |
| Retail | Consumer Services | Other Specialty Stores (Leisure) | 1 | ASO |
| Retail | Consumer Services | Restaurants | 2 | NATH, PLAY |
| Industrial | Basic Industries | Major Chemicals: Others | 1 | FF |
| Industrial | Consumer Durables | Containers/Packaging | 1 | GEF |
| Industrial | Basic Industries | Metal Fabrications | 1 | PKOH |
| Industrial | Basic Industries | Environmental Services | 1 | CECE |
| Health | Health Care | Major Pharmaceuticals | 7 | AMRN, ANAB, BLUE, EPZM, PBYI, RGC, TRVN |
| Health | Health Care | Major Pharmaceuticals (Generic Drugs) | 1 | LCI |
| Health | Health Care | Biotechnology: Electromedical & Electrotherapeutic Apparatus | 1 | SWAV |
| Commodities | Energy | Industrial Machinery/Components | 1 | REX |
| Commodities | Energy | Coal Mining | 1 | METC |
| Commodities | Energy | Oil & Gas Production: Drilling | 1 | ERF |
| Commodities | Energy | Integrated oil Companies | 1 | WFRD |
| Commodities | Energy | Oil & Gas Production (Royalty Trust) | 5 | CVI, DINO, DK, PARR, VLO |
| Commodities | Energy | Natural Gas Distribution | 2 | PBT, TPL |
| Commodities | Energy | Steel/Iron Ore | 7 | DEN, NOG, OAS, PHX, SBOW, WLL, WTI |
| Financial | Finance | Investment Managers | 1 | FUTU |
| Financial | Consumer Services | 1 | AHT | |
| Financial | Consumer Services | Accident &Health Insurance | 2 | ASPS, FRG |
| Financial | Finance | Life Insurance | 1 | MHLD |
Which stocks from each industry group show weakness?
| Sector | Industry | Sub-group | # | Stocks |
| Technology | Technology | Computer Software: Prepackaged Software (Special) | -4 | AI, APP, CTXS, MFGP |
| Technology | Technology | Computer Software: Prepackaged Software (Education/Media) | -1 | SPOT |
| Technology | Technology | Computer Software: Prepackaged Software (Enterprise) | -18 | APPS, AVYA, BB, BLKB, COUP, DOCU, DOMO, ETWO, FROG, FRSH, HCP, LAW, RNG, SMAR, SNCR, TRMR, ZEN, ZI |
| Technology | Technology | Computer Software: Prepackaged Software (Financial) | -2 | GWRE, QTWO |
| Technology | Technology | EDP Services (Medical) | -1 | MDRX |
| Technology | Technology | Computer Software: Prepackaged Software (Security) | -3 | IRNT, NLOK, VRNT |
| Technology | Technology | Computer Manufacturing | -1 | SMCI |
| Technology | Technology | Computer Communications Equipment | -1 | SILC |
| Technology | Technology | EDP Services (Tech Services) | -2 | DAVE, TWKS |
| Technology | Technology | Semiconductors | -1 | NXPI |
| Technology | Technology | Semiconductors (Equip) | -1 | FORM |
| Technology | Technology | Semiconductors (Manufacturing) | -1 | INTC |
| Technology | Technology | Computer Software: Programming, Data Processing (Content) | -2 | DHX, YY |
| Technology | Public Utilities | Telecommunications Equipment (Foreign) | -1 | TEO |
| Technology | Public Utilities | Telecommunications Equipment (Integrated) | -1 | IDT |
| Technology | Public Utilities | Telecommunications Equipment (Wireless) | -1 | VG |
| Technology | Technology | Radio And Television Broadcasting And Communications Equipment | -1 | CMTL |
| Technology | Consumer Durables | Telecommunications Equipment | -2 | AAOI, CIEN |
| Technology | Technology | Radio And Television Broadcasting And Communications Equipment | -1 | NOK |
| Retail | Consumer Services | Clothing/Shoe/Accessory Stores | -4 | CRI, KTB, VRA, VSCO |
| Retail | Consumer Non-Durables | Shoe Manufacturing | -1 | BIRD |
| Retail | Capital Goods | Auto Manufacturing | -1 | PTRA |
| Retail | Capital Goods | Auto Parts:O.E.M. (Equipment) | -2 | QS, TSP |
| Retail | Consumer Non-Durables | Beverages Alcoholic (Production/Distribution) | -1 | DEO |
| Retail | Consumer Durables | Specialty Chemicals | -1 | CRON |
| Retail | Consumer Services | Other Consumer Services | -2 | LRN, SKIL |
| Retail | Consumer Non-Durables | Package Goods/Cosmetics | -3 | HELE, IPAR, REV |
| Retail | Capital Goods | Industrial Machinery/Components | -1 | ZBRA |
| Retail | Consumer Services | Catalog/Specialty Distribution | -1 | DOLE |
| Retail | Consumer Non-Durables | Packaged Foods | -2 | FLO, HAIN |
| Retail | Consumer Services | Hotels/Resorts (Gaming) | -2 | EBET, LVS |
| Retail | Consumer Services | Hotels/Resorts (Lodging) | -1 | IHG |
| Retail | Consumer Services | Consumer Electronics/Video Chains | -1 | ROKU |
| Retail | Consumer Non-Durables | Recreational Products/Toys, Motor Vehicles | -1 | DOOO |
| Retail | Consumer Services | Marine Transportation | -3 | CCL, CUK, RCL |
| Retail | Miscellaneous | Business Services | -4 | DESP, SABR, SOND, VCSA |
| Retail | Consumer Services | Television Services | -1 | GTN |
| Retail | Consumer Durables | Automotive Aftermarket | -2 | CARS, LAZY |
| Retail | Consumer Services | Clothing/Shoe/Accessory Stores | -7 | AEO, CATO, CURV, GCO, LE, TLYS, ZUMZ |
| Retail | Consumer Services | Consumer Electronics/Video Chains | -1 | CONN |
| Retail | Consumer Services | Department/Specialty Retail Stores | -1 | FIVE |
| Retail | Consumer Services | Other Specialty Stores | -3 | HVT, KIRK, LOVE |
| Retail | Miscellaneous | Business Services (Internet) | -8 | AMZN, LVLU, MELI, REAL, RENT, SFIX, SSTK, TDUP |
| Retail | Consumer Services | Other Specialty Stores (Leisure) | -1 | LESL |
| Retail | Consumer Services | Department/Specialty Retail Stores | -1 | TGT |
| Retail | Consumer Services | Restaurants | -3 | BLMN, CBRL, RRGB |
| Retail | Consumer Services | Food Chains | -2 | CASY, CBD |
| Retail | Consumer Non-Durables | Farming/Seeds/Milling | -1 | MO |
| Retail | Transportation | Air Freight/Delivery Services | -4 | AZUL, CPA, GOL, SNCY |
| Industrial | Capital Goods | Military/Government/Technical | -4 | AIR, ASTR, JOBY, RKLB |
| Industrial | Consumer Durables | Building Products | -3 | ATKR, PGTI, WMS |
| Industrial | Industrial | Consumer Non-Durables | -2 | REVG, THO |
| Industrial | Basic Industries | Forest Products | -1 | WFG |
| Industrial | Basic Industries | Major Chemicals | -2 | HUN, LYB |
| Industrial | Basic Industries | Major Chemicals: Others | -4 | ASH, LTHM, OEC, SLCA |
| Industrial | Miscellaneous | Business Services | -1 | MMS |
| Industrial | Miscellaneous | Office Equipment/Supplies/Services | -1 | ARC |
| Industrial | Technology | Diversified Commercial Services | -1 | HEES |
| Industrial | Technology | Professional Services | -4 | ASGN, BBSI, MAN, ZIP |
| Industrial | Consumer Durables | Containers/Packaging | -2 | SEE, SLVM |
| Industrial | Technology | Industrial Machinery/Components | -3 | FLEX, LWLG, TTMI |
| Industrial | Capital Goods | Electrical Products | -1 | CGNX |
| Industrial | Consumer Durables | Metal Fabrications | -1 | VRT |
| Industrial | Basic Industries | Metal Fabrications | -1 | ZEUS |
| Industrial | Basic Industries | Aluminum | -1 | TKR |
| Industrial | Consumer Services | Diversified Commercial Services | -3 | ADT, ITRN, YOU |
| Industrial | Transportation | Air Freight/Delivery Services | -1 | ATSG |
| Industrial | Capital Goods | Wholesale Distributors | -1 | TRN |
| Industrial | Transportation | Railroads | -1 | CNI |
| Industrial | Consumer Services | Marine Transportation | -9 | DAC, DSX, EGLE, ESEA, GNK, GOGL, GRIN, SBLK, ZIM |
| Industrial | Transportation | Trucking Freight/Courier Services | -1 | SAIA |
| Industrial | Public Utilities | Power Generation | -2 | AEE, CPK |
| Industrial | Basic Industries | Electric Utilities: Central | -2 | FE, PNW |
| Health | Health Care | Major Pharmaceuticals | -16 | AMPH, ANIK, BPMC, EXAS, FATE, FMTX, HRTX, NGM, NTLA, PRDS, QURE, REGN, RIGL, STRO, SURF, TWST |
| Health | Health Care | Major Pharmaceuticals (Ethical Drugs) | -1 | ENDP |
| Health | Health Care | Major Pharmaceuticals (Generic Drugs) | -1 | EGRX |
| Health | Health Care | Medical/Nursing Services | -3 | DVA, EHC, FMS |
| Health | Health Care | Medical/Dental Instruments | -10 | ANGO, CNMD, ICUI, LNTH, MDT, NEOG, NVCR, PEN, QGEN, TNDM |
| Health | Health Care | Biotechnology: Commercial Physical & Biological Research | -3 | FLGT, ILMN, MYGN |
| Health | Health Care | Medical Specialities (Services) | -5 | IRTC, LH, ME, NVTA, OPCH |
| Health | Health Care | Biotechnology: Electromedical & Electrotherapeutic Apparatus | -1 | PACB |
| Commodities | Consumer Services | Farming/Seeds/Milling | -1 | DAR |
| Commodities | Basic Industries | Agricultural Chemicals | -3 | CF, NTR, SMG |
| Commodities | Energy | Industrial Machinery/Components | -4 | AMRC, FCEL, KEN, ORGN |
| Commodities | Energy | Semiconductors (Solar) | -1 | AMR |
| Commodities | Technology | Construction/Ag Equipment/Trucks | -1 | FSLR |
| Commodities | Energy | Oilfield Services/Equipment | -1 | VAL |
| Commodities | Energy | Integrated oil Companies | -1 | OII |
| Commodities | Energy | Oil & Gas Production (International) | -4 | NFE, SHEL, SNP, YPF |
| Commodities | Energy | Integrated oil Companies | -1 | WHD |
| Commodities | Energy | Oil & Gas Production (U.S.) | -3 | FLNG, GLNG, NVGS |
| Commodities | Energy | Steel/Iron Ore | -1 | PXD |
| Commodities | Basic Industries | Steel/Iron Ore | -1 | GGB |
| Commodities | Basic Industries | Commercial Banks | -1 | TMST |
| Financial | Finance | Major Banks (Midwest) | -6 | BMA, CIB, CM, GGAL, KB, SUPV |
| Financial | Finance | Major Banks | -4 | BY, MBIN, UMBF, WTFC |
| Financial | Finance | Major Banks (Northeast) | -2 | SMFG, UBS |
| Financial | Finance | Major Banks (Southeast) | -2 | CBNK, EGBN |
| Financial | Finance | Major Banks (Regional) | -6 | AUB, BPOP, FBP, HOMB, RNST, SNV |
| Financial | Finance | Homebuilding | -4 | FFWM, FRC, HOPE, WAL |
| Financial | Capital Goods | -2 | BZH, DFH | |
| Financial | Finance | Finance: Consumer Services | -1 | TSLX |
| Financial | Finance | Business Services | -1 | WRLD |
| Financial | Miscellaneous | Investment Bankers/Brokers/Service | -6 | AFRM, MQ, PAGS, PAYA, STNE, TOST |
| Financial | Finance | Investment Managers | -5 | CS, HOOD, SCHW, SF, XP |
| Financial | Finance | Real Estate Investment Trusts | -5 | AMG, CNS, JHG, PAX, STT |
| Financial | Consumer Services | Real Estate Investment Trusts | -1 | ABR |
| Financial | Consumer Services | -17 | ARE, BNL, CLDT, EPRT, EQIX, ESS, EXR, HIW, MPW, NSA, PCH, SLG, STAG, UDR, VICI, VNO, WY | |
| Financial | Finance | Other Consumer Services (Specialty) | -2 | FFBC, PFC |
| Financial | Consumer Services | Accident &Health Insurance | -5 | AMRK, HIVE, HUT, RIOT, VIRT |
| Financial | Finance | Specialty Insurers | -1 | AIG |
| Financial | Finance | Property-Casualty Insurers (Diversified) | -1 | PUK |
| Financial | Finance | Life Insurance | -1 | HMN |
| Financial | Finance | Property-Casualty Insurers | -3 | ASR, CWK, TCN |
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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