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Research >> MCBOSS CAPITAL >> Stock market news today 2022 >> This has been a disappointing week for the stock market - July 1, 2022
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This has been a disappointing week for the stock market - July 1, 2022

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What happen to the market this week?

After previous week's big gains, this has been a disappointing week for the stock market. One would have hope the market can follow through on a back to back week. All the major indices found resistance near its 10 week moving average. This is a reminder that we are still in a bear market unless proven otherwise. There weren't much market news other than the Personal Consumer Expenditure which comes in slightly better than expected. 

Second quarter earnings season is starting. Micron pull the whole semiconductor group down after it gave weak guidance for the rest of the year.

This week the major indices gave back some of previous week's gains.

Index Jul. 1
Nasdaq -4.13%
S&P 500 -2.21%
Dow Jones -1.28%
Russell 2000 -2.15%

What is the current support level?

Nasdaq and DJIA found resistance at the 10 week moving average. This is a bearish sign. S&P 500 and Russell 2000 also found resistance near its 10 week moving average.

  • NASDAQ - below its 50 days moving average line near 12500; current at 11127
  • S&P 500 - below its 50 days moving average line near 4200; current at 3825
  • DJIA - below its 50 days moving average line near 33200; current at 31097
  • RUSSELL 2000 - below its 50 days moving average line near 1900; current at 1727

Psychological levels

  • Nasdaq is now above 11000.
  • S&P 500 is now below 3900.
  • Dow Jones Industrial Average is above 31000.
  • Small cap Russell 2000 is above 1700.

Stock market breadth - Accumulation vs Distribution for this week:

AccumulationDistribution
#industry groups2329
#stocks97143

Distribution picked up this week more than accumulation.

Which stocks from each industry group show strength?

There is little accumulation this week. 

Sector Industry Sub-group # Stocks
Technology Technology Computer Software: Prepackaged Software (Education/Media) 1 TWOU
Technology Technology EDP Services (Integrated System) 1 AGYS
Technology Technology Computer Software: Programming, Data Processing (Content) 3 ATHM, TME, WB
Technology Technology EDP Services 1 TCX
Technology Public Utilities Telecommunications Equipment (Wireless) 1 VG
Retail Capital Goods Auto Parts:O.E.M. (Equipment) 1 TEN
Retail Consumer Services Other Consumer Services 3 FC, LRN, TEDU
Retail Consumer Non-Durables Package Goods/Cosmetics 2 ELF, PBH
Retail Consumer Services Catalog/Specialty Distribution 1 APRN
Retail Consumer Non-Durables Packaged Foods 2 CAG, GIS
Retail Consumer Services Hotels/Resorts (Gaming) 1 LVS
Retail Consumer Services Hotels/Resorts (Lodging) 1 HTHT
Retail Miscellaneous Business Services 1 TCOM
Retail Consumer Services RETAIL: Building Materials 1 GMS
Retail Consumer Services Restaurants 1 YUMC
Retail Consumer Services Other Specialty Stores 1 RBA
Retail Consumer Non-Durables Farming/Seeds/Milling 1 UVV
Retail Transportation Air Freight/Delivery Services 1 SNCY
Industrial Capital Goods Military/Government/Technical 1 MRCY
Industrial Consumer Durables Consumer Electronics/Appliances 2 FIX, LII
Industrial Consumer Durables Building Products 3 AYI, PGTI, WMS
Industrial Finance Diversified Commercial Services 1 MYRG
Industrial Basic Industries Major Chemicals: Others 2 BCPC, OEC
Industrial Miscellaneous Business Services 1 CBZ
Industrial Miscellaneous Business Services (Outsourcing) 1 UNF
Industrial Technology Professional Services 3 CCRN, KFRC, KFY
Industrial Technology Industrial Machinery/Components 1 OTTR
Industrial Capital Goods Fluid Controls 2 DXPE, MTD
Industrial Basic Industries Paper 1 GPK
Industrial Public Utilities Power Generation 5 AEE, AVA, CPK, GNE, WEC
Industrial Basic Industries Electric Utilities: Central 3 EBR, ETR, POR
Health Health Care Major Pharmaceuticals 6 AERI, ATRA, BNTX, LEGN, STRO, VNDA
Health Health Care Major Pharmaceuticals (Ethical Drugs) 2 ENDP, GRFS
Health Health Care Major Pharmaceuticals (Generic Drugs) 1 TEVA
Health Health Care Medical Specialities 3 ANTM, HUM, UNH
Health Health Care Medical/Dental Instruments 3 CNMD, QGEN, VIVO
Health Health Care Medical Specialities (Supplies) 1 PDCO
Health Health Care Biotechnology: Electromedical & Electrotherapeutic Apparatus 1 HAE
Commodities Energy Industrial Machinery/Components 1 ORA
Commodities Technology Coal Mining 2 DQ, JKS
Commodities Basic Industries Industrial Machinery/Components 1 AGI
Commodities Energy Oilfield Services/Equipment 1 WMB
Commodities Energy Integrated oil Companies 1 OXY
Commodities Energy Oil & Gas Production (International) 1 DRQ
Commodities Energy Metal Fabrications 1 NS
Commodities Energy Oil & Gas Production (Royalty Trust) 3 EPD, OKE, PBFX
Financial Finance Major Banks 2 HONE, TBBK
Financial Finance Major Banks (Northeast) 1 AUB
Financial Finance Major Banks (Regional) 2 BANR, COLB
Financial Capital Goods Major Banks (West) 2 DFH, MDC
Financial Consumer Services Real Estate Investment Trusts 1 RDN
Financial Consumer Services Real Estate Investment Trusts 6 ARE, CTRE, EPRT, ESS, MPW, NNN
Financial Finance Property-Casualty Insurers (Diversified) 2 BHF, GL
Financial Finance Life Insurance 3 FAF, KNSL, SIGI


Which stocks from each industry group show weakness?

Sector Industry Sub-group # Stocks
Technology Technology Computer Software: Prepackaged Software (Special) -1 DCT
Technology Technology Computer Software: Prepackaged Software (Database) -1 PRGS
Technology Technology Computer Software: Prepackaged Software (Design) -1 PDFS
Technology Technology Computer Software: Prepackaged Software (Enterprise) -5 AVYA, CNXC, CXM, KERN, SHOP
Technology Technology Computer Software: Prepackaged Software (Financial) -1 ACIW
Technology Technology Computer Software: Prepackaged Software (Security) -3 CGNT, CMCM, FTNT
Technology Technology Electronic Components -2 MU, SGH
Technology Technology EDP Services (Integrated System) -1 NCR
Technology Technology Computer Communications Equipment -1 CAMP
Technology Technology Semiconductors -4 HIMX, MPWR, QCOM, SITM
Technology Technology Semiconductors (Equip) -12 ACLS, AEIS, CCMP, ENTG, FORM, ICHR, KLAC, LRCX, NVMI, ONTO, PLAB, TER
Technology Technology Semiconductors (Manufacturing) -4 GFS, IMOS, TSM, UMC
Technology Technology Computer Software: Programming, Data Processing (Content) -1 PINS
Technology Technology EDP Services -1 CRDO
Technology Consumer Services Television Services -1 LBTYA
Technology Technology Radio And Television Broadcasting And Communications Equipment -1 CMTL
Technology Consumer Durables Telecommunications Equipment -1 AAOI
Technology Technology Radio And Television Broadcasting And Communications Equipment -1 AVNW
Retail Consumer Services Clothing/Shoe/Accessory Stores -1 VSCO
Retail Consumer Non-Durables Shoe Manufacturing -1 NKE
Retail Capital Goods Auto Manufacturing -3 HMC, MULN, STLA
Retail Capital Goods Auto Parts:O.E.M. (Equipment) -1 BWA
Retail Consumer Non-Durables Beverages Alcoholic (Production/Distribution) -2 DEO, STZ
Retail Consumer Durables Specialty Chemicals -2 CGC, GNLN
Retail Consumer Non-Durables Package Goods/Cosmetics -1 EWCZ
Retail Capital Goods Industrial Machinery/Components -2 IDCC, OLED
Retail Consumer Services Catalog/Specialty Distribution -1 MKC
Retail Consumer Durables Office Equipment/Supplies/Services -1 MLKN
Retail Consumer Non-Durables Plastic Products -1 IRBT
Retail Consumer Services Hotels/Resorts (Gaming) -1 CZR
Retail Consumer Non-Durables Recreational Products/Toys, Motor Vehicles -1 VSTO
Retail Consumer Services Marine Transportation -4 CCL, CUK, RCL, UP
Retail Consumer Services Television Services -1 TV
Retail Consumer Services RETAIL: Building Materials -1 FND
Retail Consumer Services Clothing/Shoe/Accessory Stores -3 DBI, GCO, SCVL
Retail Consumer Services Department/Specialty Retail Stores -1 KSS
Retail Health Care Medical/Nursing Services -1 WBA
Retail Consumer Services Other Specialty Stores -3 BBBY, RH, TCS
Retail Miscellaneous Business Services (Internet) -1 TDUP
Retail Consumer Services Other Specialty Stores (Leisure) -1 BBW
Retail Consumer Services Restaurants -2 BJRI, DRI
Retail Transportation Air Freight/Delivery Services -4 AZUL, GOL, JBLU, RYAAY
Retail Technology Retail: Computer Software & Peripheral Equipment -1 SNX
Industrial Capital Goods Military/Government/Technical -1 RADA
Industrial Capital Goods Engineering & Construction -1 PRIM
Industrial Basic Industries Major Chemicals -1 CE
Industrial Basic Industries Major Chemicals: Plastics -1 AVNT
Industrial Basic Industries Major Chemicals: Others -4 ASPN, ESI, TROX, UNVR
Industrial Technology Advertising -1 TTGT
Industrial Miscellaneous Business Services (Outsourcing) -2 HQY, PAYX
Industrial Technology Electrical Products -1 JBL
Industrial Capital Goods Electrical Products -1 ITRI
Industrial Consumer Durables Metal Fabrications -1 EVGO
Industrial Miscellaneous Industrial Machinery/Components -3 IIVI, MEI, TEL
Industrial Basic Industries Aluminum -3 CMC, NNBR, SCHN
Industrial Basic Industries Paper -2 NP, VRTV
Industrial Consumer Services Diversified Commercial Services -2 ADT, SWBI
Industrial Transportation Air Freight/Delivery Services -1 FDX
Health Health Care Major Pharmaceuticals -4 BPMC, CYTK, HALO, NGM
Health Health Care Biotechnology: Commercial Physical & Biological Research -2 DNAY, ICLR
Commodities Energy Industrial Machinery/Components -2 CLNE, KEN
Commodities Capital Goods Semiconductors (Solar) -2 CAT, CNHI
Commodities Basic Industries Precious Metals -2 PLL, TECK
Commodities Energy Oilfield Services/Equipment -1 EQT
Commodities Energy Integrated oil Companies -1 MUR
Commodities Energy Metal Fabrications -1 CVI
Commodities Energy Oil & Gas Production (Royalty Trust) -1 ET
Commodities Energy Natural Gas Distribution -9 CDEV, DEN, MGY, OAS, SBOW, SD, SWN, WLL, WTI
Financial Finance Steel/Iron Ore -2 ITUB, KB
Financial Finance Finance: Consumer Services -1 MOGO
Financial Finance Business Services -4 AMP, COWN, LAZ, MKTX
Financial Finance Investment Bankers/Brokers/Service -1 BEN
Financial Consumer Services Real Estate Investment Trusts -1 TREE
Financial Consumer Services Real Estate Investment Trusts -1 PEB


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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