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The stock market rebound strongly this week - July 8, 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
Is this another bear market rally? - June 10, 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 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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The stock market rebound strongly this week - July 8, 2022
What happen to the market this week?
The stock market rebound strongly this week and show strong technical action around short term moving averages. The job report on Friday was much stronger than expected.
| Index | Jul. 4-8 |
| Nasdaq | 4.56% |
| S&P 500 | 1.94% |
| Dow Jones | 0.77% |
| Russell 2000 | 2.41% |
Second quarter earnings season is starting. This week we will see big banks reporting. Market may be more volatile during earnings season. CPI data will be out on Wednesday. This could move the market up or down big.
What is the current support level?
The major indices are all back above its 10 and 21 days moving averages. Nasdaq is just slightly below its 50 days moving average. This is really good technical design. The 50 days moving average will be the next challenge soon if the market can make more headway.
- NASDAQ - below its 50 days moving average line near 11660; current at 11635
- S&P 500 - below its 50 days moving average line near 4000; current at 3899
- DJIA - below its 50 days moving average line near 32000; current at 31338
- RUSSELL 2000 - below its 50 days moving average line near 1800; current at 1769
Psychological levels
- Nasdaq is now above 11000.
- S&P 500 is sitting near 3900.
- Dow Jones Industrial Average is above 31000.
- Small cap Russell 2000 is above 1700.
Stock market breadth - Accumulation vs Distribution for this week:
| Accumulation | Distribution | |
| #industry groups | 21 | 7 |
| #stocks | 118 | 48 |
Accumulation outpace distribution this week, but the numbers are still small. Ideally we would like to see 300 or 400 stocks under accumulation.
Check out our course How to measure or calculate stock market breadth.
Which stocks from each industry group show strength?
There is some accumulation this week. Biotech and health related industry groups are leading the market.
| Sector | Industry | Sub-group | # | Stocks |
| Technology | Technology | Computer Software: Prepackaged Software (Special) | 3 | AVLR, JAMF, VRRM |
| Technology | Technology | Computer Software: Prepackaged Software (Database) | 1 | MDB |
| Technology | Technology | Computer Software: Prepackaged Software (Enterprise) | 1 | BRZE |
| Technology | Technology | EDP Services (Gaming) | 1 | RBLX |
| Technology | Technology | EDP Services (Medical) | 5 | DH, EVH, PRVA, SGFY, SLP |
| Technology | Technology | Computer Software: Prepackaged Software (Security) | 1 | FTNT |
| Technology | Technology | EDP Services (Integrated System) | 1 | AGYS |
| Technology | Technology | Computer Communications Equipment | 2 | NTGR, SWIR |
| Technology | Technology | EDP Services (Tech Services) | 2 | GTLB, INFY |
| Technology | Technology | Computer Software: Programming, Data Processing (Content) | 1 | GOOGL |
| Technology | Technology | EDP Services | 1 | FFIV |
| Technology | Consumer Services | Television Services | 1 | CALX |
| Technology | Technology | Radio And Television Broadcasting And Communications Equipment | 1 | ADTN |
| Technology | Consumer Durables | Telecommunications Equipment | 1 | CLFD |
| Retail | Consumer Non-Durables | Shoe Manufacturing | 1 | CROX |
| Retail | Capital Goods | Auto Manufacturing | 1 | LI |
| Retail | Capital Goods | Auto Parts:O.E.M. (Equipment) | 1 | TEN |
| Retail | Consumer Non-Durables | Beverages Alcoholic (Production/Distribution) | 1 | MGPI |
| Retail | Consumer Non-Durables | Beverages Non-Alcoholic (Production/Distribution) | 2 | CELH, MNST |
| Retail | Consumer Non-Durables | Consumer Electronics/Appliances | 1 | GRMN |
| Retail | Consumer Services | Other Consumer Services | 1 | FC |
| Retail | Consumer Non-Durables | Package Goods/Cosmetics | 1 | ELF |
| Retail | Consumer Non-Durables | Meat/Poultry/Fish | 1 | BYND |
| Retail | Consumer Services | Catalog/Specialty Distribution | 1 | APRN |
| Retail | Consumer Non-Durables | Packaged Foods | 1 | LW |
| Retail | Consumer Durables | Office Equipment/Supplies/Services | 1 | BSET |
| Retail | Consumer Services | Hotels/Resorts (Lodging) | 1 | HTHT |
| Retail | Consumer Services | Consumer Electronics/Video Chains | 1 | CNK |
| Retail | Consumer Non-Durables | Recreational Products/Toys | 1 | FNKO |
| Retail | Consumer Services | RETAIL: Building Materials | 2 | BECN, GWW |
| Retail | Miscellaneous | Business Services (Internet) | 2 | CPNG, DASH |
| Retail | Consumer Services | Restaurants | 2 | KRUS, WING |
| Industrial | Consumer Durables | Consumer Electronics/Appliances | 1 | LII |
| Industrial | Basic Industries | Mining & Quarrying of Nonmetallic Minerals (No Fuels) | 1 | MLM |
| Industrial | Basic Industries | Major Chemicals: Others | 2 | ATC, OLN |
| Industrial | Miscellaneous | Business Services (Outsourcing) | 1 | UNF |
| Industrial | Miscellaneous | Industrial Machinery/Components | 1 | BELFB |
| Industrial | Capital Goods | Fluid Controls | 3 | IEX, MTD, ZWS |
| Industrial | Energy | Industrial Machinery/Components | 2 | HOLI, VJET |
| Industrial | Consumer Services | Diversified Commercial Services | 1 | NSSC |
| Industrial | Transportation | Trucking Freight/Courier Services | 1 | TFII |
| Health | Finance | Specialty Insurers | 1 | PINC |
| Health | Health Care | Major Pharmaceuticals | 25 | ALKS, APLS, BGNE, BLUE, CHRS, CORT, CRSP, DNA, EDIT, ENTA, FATE, HALO, HRMY, ICPT, INSM, KDNY, MRNA, NGM, NTLA, OCGN, QURE, SRNE, SRPT, SURF, VERV |
| Health | Health Care | Medical Specialities | 3 | CI, ONEM, PGNY |
| Health | Health Care | Medical/Nursing Services | 2 | ACHC, AMED |
| Health | Health Care | Medical/Dental Instruments | 3 | DXCM, INGN, VIVO |
| Health | Health Care | Medical Specialities (Services) | 1 | IRTC |
| Health | Health Care | Medical Specialities (Supplies) | 1 | WST |
| Health | Health Care | Biotechnology: Electromedical & Electrotherapeutic Apparatus | 1 | AXNX |
| Commodities | Energy | Industrial Machinery/Components | 1 | BLDP |
| Commodities | Energy | Coal Mining | 1 | ARLP |
| Commodities | Technology | Semiconductors (Solar) | 4 | DQ, ENPH, FSLR, JKS |
| Financial | Finance | Steel/Iron Ore | 1 | IBN |
| Financial | Finance | Major Banks (Northeast) | 1 | TRMK |
| Financial | Capital Goods | Major Banks (West) | 1 | LEN |
| Financial | Miscellaneous | Finance: Consumer Services | 2 | EVOP, PAYS |
| Financial | Finance | Business Services | 2 | COWN, LAZ |
| Financial | Finance | Investment Bankers/Brokers/Service | 1 | MARA |
| Financial | Consumer Services | Real Estate Investment Trusts | 2 | RDN, RKT |
| Financial | Consumer Services | Real Estate Investment Trusts | 2 | NTST, SRC |
| Financial | Finance | 1 | CASH | |
| Financial | Consumer Services | Major Banks (Savings) | 4 | HIVE, IMXI, PRAA, RIOT |
| Financial | Finance | Property-Casualty Insurers | 1 | TCN |
Which stocks from each industry group show weakness?
| Sector | Industry | Sub-group | # | Stocks |
| Technology | Technology | Computer Software: Prepackaged Software (Special) | -1 | HUBS |
| Technology | Technology | Computer Software: Prepackaged Software (Enterprise) | -1 | CDLX |
| Technology | Technology | EDP Services (Medical) | -1 | MDRX |
| Technology | Technology | EDP Services (Tech Services) | -1 | DAVE |
| Technology | Technology | Semiconductors | -1 | HIMX |
| Retail | Consumer Non-Durables | Beverages Non-Alcoholic (Production/Distribution) | -1 | FMX |
| Retail | Consumer Non-Durables | Package Goods/Cosmetics | -3 | HELE, MED, USNA |
| Retail | Consumer Non-Durables | Recreational Products/Toys, Motor Vehicles | -1 | VSTO |
| Retail | Consumer Services | Marine Transportation | -2 | MTN, SEAS |
| Retail | Miscellaneous | Business Services | -1 | VCSA |
| Retail | Consumer Services | Newspapers/Magazines | -1 | GCI |
| Retail | Consumer Services | Restaurants | -1 | BJRI |
| Retail | Consumer Non-Durables | Farming/Seeds/Milling | -1 | UVV |
| Industrial | Basic Industries | Mining & Quarrying of Nonmetallic Minerals (No Fuels) | -1 | LOMA |
| Industrial | Consumer Durables | Building Products | -1 | SPB |
| Industrial | Basic Industries | Major Chemicals: Plastics | -1 | TG |
| Industrial | Basic Industries | Major Chemicals: Others | -3 | APD, SCL, WDFC |
| Industrial | Consumer Durables | Containers/Packaging | -2 | SEE, SLVM |
| Industrial | Miscellaneous | Industrial Machinery/Components | -1 | LFUS |
| Industrial | Basic Industries | Aluminum | -1 | KALU |
| Industrial | Basic Industries | Paper | -1 | SWM |
| Industrial | Capital Goods | Wholesale Distributors | -1 | GBX |
| Industrial | Consumer Services | Marine Transportation | -1 | CPLP |
| Health | Health Care | Major Pharmaceuticals | -1 | ARGX |
| Health | Health Care | Major Pharmaceuticals (Ethical Drugs) | -1 | GRFS |
| Health | Health Care | Major Pharmaceuticals (Generic Drugs) | -1 | OGN |
| Health | Health Care | Medical/Dental Instruments | -3 | IART, NEOG, SNN |
| Commodities | Basic Industries | Precious Metals | -1 | BVN |
| Commodities | Basic Industries | Precious Metals | -1 | TECK |
| Commodities | Energy | Oil & Gas Production (Canada) | -1 | CNQ |
| Commodities | Energy | Oil & Gas Production (U.S.) | -1 | ESTE |
| Financial | Finance | Steel/Iron Ore | -2 | BSMX, CIB |
| Financial | Finance | Major Banks | -1 | MCB |
| Financial | Finance | Major Banks (Northeast) | -1 | LOB |
| Financial | Finance | -1 | LPRO | |
| Financial | Finance | Finance: Consumer Services | -2 | UPST, WRLD |
| Financial | Finance | Business Services | -1 | EVR |
| Financial | Consumer Services | Major Banks (Savings) | -1 | AMRK |
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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