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The stock market is stuck in a trading range - July 15, 2022

July 18, 2022
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market update

What happen to the market this week?

The stock market is stuck in a trading range. The consumer price index came in at 9.1% which is hotter than expected. The market initially dropped but then recover for the most part. Thursday's producer price index also came in at 11.3% which is also hotter than expected. The market also dropped initially but then recovered for second day in a row. On Friday, the market has a strong open and also closes strong. The market was able to shrug the bad news. Perhaps this signifies the market may be able to move up despite all these bad news.

It is very difficult to know if the market will punch through the 10 week moving average in coming days or if it will find resistance once again and get pushed lower.

Overall the market have a negative week, but recover a lot of its losses from the beginning of the week.

Index	Jul. 11-15
Nasdaq	-1.57%
S&P 500	-0.93%
Dow Jones	-0.16%
Russell 2000	-1.41%

Second quarter earnings season is going into the second week. This could give the market a sense of direction.

What is the current support level?

The major indices are all back above its 10 and 21 days moving averages once again. Nasdaq is just slightly below its 50 days moving average. This 50 days moving average has been a constant resistance since the bear market begins. If it climbs above this, it can be a very bullish sign.

NASDAQ - below its 50 days moving average line near 11660; current at 11452
S&P 500 - below its 50 days moving average line near 4000; current at 3863
DJIA - below its 50 days moving average line near 32000; current at 31288
RUSSELL 2000 - below its 50 days moving average line near 1800; current at 1744

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:

	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)	2	CTXS, IS
Technology	Technology	Computer Software: Prepackaged Software (Design)	1	PDFS
Technology	Technology	EDP Services (Medical)	2	PRVA, SLP
Technology	Technology	Computer Communications Equipment	2	EXTR, SWIR
Technology	Technology	Semiconductors (Equip)	3	AEHR, ASML, COHU
Technology	Technology	Semiconductors (Manufacturing)	2	GFS, TSM
Technology	Public Utilities	Telecommunications Equipment (Wireless)	1	VG
Technology	Technology	Radio And Television Broadcasting And Communications Equipment	1	SONM
Technology	Consumer Durables	Telecommunications Equipment	1	CLFD
Retail	Consumer Services	Clothing/Shoe/Accessory Stores	1	CRI
Retail	Capital Goods	Auto Manufacturing	1	GOEV
Retail	Consumer Non-Durables	Beverages Alcoholic (Production/Distribution)	1	TAP
Retail	Consumer Non-Durables	Package Goods/Cosmetics	1	HLF
Retail	Consumer Durables	Office Equipment/Supplies/Services	1	BSET
Retail	Consumer Services	Hotels/Resorts (Gaming)	1	BALY
Retail	Consumer Services	Hotels/Resorts (Lodging)	1	HLT
Retail	Consumer Services	Automotive Aftermarket (Parts)	1	MNRO
Retail	Miscellaneous	Business Services (Internet)	1	SFIX
Retail	Consumer Services	Restaurants	4	KRUS, PTLO, SHAK, WING
Retail	Consumer Services	Other Specialty Stores	1	RBA
Retail	Transportation	Air Freight/Delivery Services	3	AAL, DAL, LUV
Industrial	Consumer Durables	Building Products	1	OC
Industrial	Basic Industries	Major Chemicals: Others	1	ATC
Industrial	Miscellaneous	Business Services (Outsourcing)	1	CTAS
Industrial	Technology	Professional Services	2	AMN, CCRN
Industrial	Consumer Durables	Metal Fabrications	1	EVGO
Industrial	Consumer Services	Diversified Commercial Services	2	LAKE, NSSC
Health	Health Care	Major Pharmaceuticals	4	CRSP, LJPC, NCNA, VERV
Health	Health Care	Medical/Nursing Services	1	RDNT
Health	Health Care	Medical/Dental Instruments	3	ANGO, GKOS, TRIB
Health	Health Care	Biotechnology: Electromedical & Electrotherapeutic Apparatus	1	INMD
Commodities	Energy	Coal Mining	1	CEIX
Commodities	Basic Industries	Oil & Gas Production (U.S.)	1	HWM
Financial	Finance	Commercial Banks	2	C, MS
Financial	Finance	Major Banks (Northeast)	1	NTRS
Financial	Finance	Major Banks (Southeast)	2	FRC, WAFD
Financial	Capital Goods	Major Banks (Regional)	1	GRBK
Financial		Major Banks (West)	1	DWAC
Financial	Finance	Finance: Consumer Services	1	COWN
Financial	Finance	Business Services	3	BEN, STT, VRTS
Financial	Consumer Services	Investment Bankers/Brokers/Service	2	PEB, SRC
Financial	Consumer Services		1	ECPG

Which stocks from each industry group show weakness?

Sector	Industry	Sub-group	#	Stocks
Technology	Technology	Computer Software: Prepackaged Software (Special)	-2	HUBS, JAMF
Technology	Technology	Computer Software: Prepackaged Software (Database)	-1	CVLT
Technology	Technology	Computer Software: Prepackaged Software (Design)	-1	U
Technology	Technology	Computer Software: Prepackaged Software (Enterprise)	-8	CDLX, CNXC, DOCN, ETWO, FRSH, MGNI, NOW, SHOP
Technology	Technology	Computer Software: Prepackaged Software (Security)	-1	TENB
Technology	Technology	EDP Services (Integrated System)	-1	PAR
Technology	Technology	Semiconductors	-1	HIMX
Technology	Public Utilities	Telecommunications Equipment (Foreign)	-2	AMX, RCI
Technology	Technology	Radio And Television Broadcasting And Communications Equipment	-1	VOXX
Retail	Consumer Durables	Specialty Chemicals	-3	CGC, GNLN, TLRY
Retail	Consumer Non-Durables	Package Goods/Cosmetics	-2	HELE, MED
Retail	Consumer Non-Durables	Packaged Foods	-1	CAG
Retail	Consumer Non-Durables	Recreational Products/Toys, Motor Vehicles	-1	AOUT
Retail	Consumer Non-Durables	Recreational Products/Toys	-1	HAS
Retail	Consumer Services	Clothing/Shoe/Accessory Stores	-1	RVLV
Retail	Consumer Services	Department/Specialty Retail Stores	-1	PSMT
Retail	Consumer Services	Food Chains	-1	CBD
Industrial	Capital Goods	Military/Government/Technical	-1	LHX
Industrial	Consumer Durables	Building Products	-1	SPB
Industrial	Basic Industries	Major Chemicals: Others	-1	WDFC
Industrial	Technology	Advertising	-1	TTGT
Industrial	Technology	Professional Services	-1	HSII
Industrial	Consumer Durables	Metal Fabrications	-1	AZZ
Industrial	Capital Goods	Wholesale Distributors	-1	GBX
Health	Health Care	Major Pharmaceuticals	-5	ACLX, ATRA, BLI, CDXS, MRVI
Health	Health Care	Major Pharmaceuticals (Ethical Drugs)	-1	GRFS
Health	Health Care	Medical/Dental Instruments	-3	HSKA, PEN, TXG
Health	Health Care	Biotechnology: Commercial Physical & Biological Research	-1	AVTR
Commodities	Technology	Semiconductors (Solar)	-1	JKS
Commodities	Basic Industries	Precious Metals	-7	AEM, AGI, AU, GOLD, MUX, NEM, SBSW
Commodities	Basic Industries	Precious Metals	-2	RIO, VALE
Commodities	Energy	Oil & Gas Production: Drilling	-1	RIG
Commodities	Energy	Metal Fabrications	-1	NOV
Commodities	Energy	Oil & Gas Production (Royalty Trust)	-1	BPT
Commodities	Basic Industries	Natural Gas Distribution	-1	TX
Financial	Finance	Steel/Iron Ore	-3	BMA, KB, SHG
Financial	Finance	Commercial Banks	-3	BMO, RY, SAN
Financial	Finance		-1	FCFS
Financial	Finance	Business Services	-1	STEP
Financial	Consumer Services	Investment Bankers/Brokers/Service	-1	IIPR
Financial	Finance	Other Consumer Services (Specialty)	-1	EHTH
Financial	Finance	Specialty Insurers	-1	AEL
Financial	Finance	Property-Casualty Insurers (Diversified)	-6	CINF, HMN, MKL, SIGI, THG, TRV

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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