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Research >> MCBOSS CAPITAL >> Stock market news today 2022 >> Why is stock market bullish today, or is it going to turn bearish soon
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Why is stock market bullish today, or is it going to turn bearish soon? - July 29, 2022

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What happen to the market this week?

After a big run up since the bottom Jun. 16, 2022, the market is now near the last high on Jun. 2, 2022. It will be healthy for the market to see some sideway action in the next week or so in order for the market to digest recent gains.

The market indices have a good week. It has now risen 3 out of the last 4 weeks. The stock market may consolidate after a strong run in recent weeks

Index Jul. 25 to 29
Nasdaq 4.70%
S&P 500 4.26%
Dow Jones 2.97%
Russell 2000 4.34%

The Federal Reserve had another 0.75% interest rate hike which was widely expected by the street. GDP came in negative at -0.9% for the second quarter which means the economy is now considered to be in a technical recession because of first and second quarter of negative growth. But the market shrug off these news and focus on earnings from AAPL, AMZN, MSFT, GOOGL and these big cap techs did well despite some miss. Overall, this is bullish behavior and sentiment. 

This is the first big week of earnings report and many earnings report came out better than expected. It will be important to see if the next two weeks of earnings reports will continue to see the same pattern. 


What is the current support level?

The major indices continue to power higher above its 50 days moving averages. It is now nine sessions above this moving average. In March, the same thing happen and it topped out after 9 sessions above this moving average. Although this is unlikely to happen again, but do pay attention to this.

  • NASDAQ - above its 50 days moving average line near 11500; current at 12390
  • S&P 500 - above its 50 days moving average line near 3920; current at 4130
  • DJIA - above its 50 days moving average line near 31575; current at 32845
  • RUSSELL 2000 - above its 50 days moving average line near 1780; current at 1885

Psychological levels

  • Nasdaq is now above 12000.
  • S&P 500 is now above 4100.
  • Dow Jones Industrial Average is now above 32000.
  • Small cap Russell 2000 is now above 1800.

The next strong resistance level may be from near the previous recent peak at beginning of June:

  • Nasdaq 12320 (currently just sitting above this)
  • S&P 500 4177
  • Dow Jones Industrial Average 33272
  • Russell 2000 1919

Stock market breadth - Accumulation vs Distribution for this week:

AccumulationDistribution
#industry groups8719
#stocks41788

Accumulation significantly outpace distribution this week. That is a bullish sign as many stocks are bouncing from their bottoms and most are from earnings results.

Which stocks from each industry group show strength?

There is a lot of accumulation this week in different sectors. This is a bullish sign as stocks are starting to set up further constructive patterns.

Sector Industry Sub-group # Stocks
Technology Technology Computer Software: Prepackaged Software (Special) 1 STEM
Technology Technology Computer Software: Prepackaged Software (Design) 3 CDNS, PTC, SNPS
Technology Technology Computer Software: Prepackaged Software (Desktop) 1 MSFT
Technology Technology Computer Software: Prepackaged Software (Education/Media) 2 RNWK, SPOT
Technology Technology Computer Software: Prepackaged Software (Enterprise) 2 FIVN, MANH
Technology Technology Computer Software: Prepackaged Software (Financial) 1 JKHY
Technology Technology EDP Services (Medical) 1 CHNG
Technology Technology Computer Software: Prepackaged Software (Security) 1 VRSN
Technology Technology Computer Manufacturing 1 LOGI
Technology Technology EDP Services (Integrated System) 1 NATI
Technology Technology Computer Communications Equipment 5 ANET, DGII, EXTR, NTGR, SILC
Technology Technology EDP Services (Tech Services) 4 CACI, HCKT, INFY, WIT
Technology Technology Semiconductors 1 MXL
Technology Technology Semiconductors (Equip) 4 ACLS, ASML, LRCX, MKSI
Technology Technology Semiconductors (Manufacturing) 8 ADI, ALGM, CTS, GFS, MTSI, PI, STM, TXN
Technology Technology Computer Software: Programming, Data Processing (Content) 1 GOOGL
Technology Technology EDP Services 2 CRDO, FFIV
Technology Consumer Services Television Services 2 CALX, SIRI
Technology Public Utilities Telecommunications Equipment (Foreign) 1 TEO
Technology Public Utilities Telecommunications Equipment (Wireless) 3 IRDM, TDS, TMUS
Technology Technology Radio And Television Broadcasting And Communications Equipment 1 CMTL
Technology Consumer Durables Telecommunications Equipment 2 CLFD, INFN
Technology Technology Radio And Television Broadcasting And Communications Equipment 3 COMM, DY, UI
Retail Consumer Non-Durables Shoe Manufacturing 2 CROX, DECK
Retail Capital Goods Auto Manufacturing 1 F
Retail Capital Goods Auto Parts:O.E.M. (Equipment) 1 VC
Retail Consumer Non-Durables Beverages Alcoholic (Production/Distribution) 1 SAM
Retail Consumer Non-Durables Beverages Non-Alcoholic (Production/Distribution) 1 KOF
Retail Consumer Non-Durables Package Goods/Cosmetics 1 NUS
Retail Capital Goods Industrial Machinery/Components 1 GLW
Retail Consumer Non-Durables Specialty Foods 1 HSY
Retail Consumer Non-Durables Packaged Foods 1 ADM
Retail Consumer Non-Durables Packaged Foods 5 CAG, CPB, LANC, LW, UL
Retail Consumer Durables Office Equipment/Supplies/Services 2 LEG, TPX
Retail Consumer Non-Durables Plastic Products 1 WHR
Retail Consumer Services Hotels/Resorts (Gaming) 1 BYD
Retail Consumer Services Hotels/Resorts (Lodging) 2 HLT, TH
Retail Consumer Services Consumer Electronics/Video Chains 1 RDI
Retail Consumer Non-Durables Recreational Products/Toys, Motor Vehicles 3 BC, HOG, PII
Retail Consumer Services Marine Transportation 3 EDR, HTZ, WMG
Retail Consumer Non-Durables Recreational Products/Toys 1 FNKO
Retail Miscellaneous Business Services 2 MMYT, SOND
Retail Consumer Services Automotive Aftermarket (Parts) 4 GPC, LKQ, MNRO, ORLY
Retail Consumer Durables Automotive Aftermarket 2 PAG, SAH
Retail Consumer Services RETAIL: Building Materials 3 FAST, FND, GWW
Retail Consumer Services Clothing/Shoe/Accessory Stores 1 ONON
Retail Consumer Services Other Specialty Stores 2 HVT, SNBR
Retail Miscellaneous Business Services (Internet) 3 AMZN, ETSY, OSTK
Retail Consumer Services Other Specialty Stores (Leisure) 1 DTC
Retail Consumer Services Restaurants 12 CAKE, CMG, DENN, DRI, EAT, KRUS, MCD, PTLO, PZZA, SHAK, WING, YUM
Retail Consumer Services Food Chains 3 CBD, MUSA, TA
Retail Transportation Air Freight/Delivery Services 3 RYAAY, SAVE, ULCC
Industrial Capital Goods Military/Government/Technical 5 AJRD, HEI, HXL, LHX, NOC
Industrial Consumer Durables Consumer Electronics/Appliances 5 AOS, CARR, FIX, LII, WSO
Industrial Basic Industries Mining & Quarrying of Nonmetallic Minerals (No Fuels) 2 LOMA, MLM
Industrial Consumer Durables Building Products 6 AWI, AYI, FBHS, OC, PGTI, WMS
Industrial Capital Goods Tools/Hardware 1 SNA
Industrial Capital Goods Engineering & Construction 2 MTZ, PWR
Industrial Finance Diversified Commercial Services 1 ROL
Industrial Industrial Consumer Non-Durables 1 PATK
Industrial Basic Industries Forest Products 1 UFPI
Industrial Basic Industries Major Chemicals 2 BAK, CE
Industrial Basic Industries Paints/Coatings 1 RPM
Industrial Basic Industries Major Chemicals: Plastics 1 EMN
Industrial Basic Industries Major Chemicals: Others 3 ATC, SCL, SLCA
Industrial Technology Advertising 2 CRTO, TTGT
Industrial Miscellaneous Business Services 3 BAH, CBZ, RGP
Industrial Technology Diversified Commercial Services 3 HRI, TRTN, URI
Industrial Miscellaneous Business Services (Market Research) 4 CSGP, MCO, MORN, TRI
Industrial Miscellaneous Business Services (Outsourcing) 4 ADP, ARMK, EXLS, TNET
Industrial Technology Professional Services 2 HSII, KELYA
Industrial Consumer Durables Containers/Packaging 3 ATR, BERY, SON
Industrial Technology Industrial Machinery/Components 6 CSL, ETN, GE, HON, MDU, MMM
Industrial Technology Electrical Products 1 FLEX
Industrial Consumer Durables Metal Fabrications 5 AZZ, FELE, HUBB, ROK, WIRE
Industrial Miscellaneous Industrial Machinery/Components 4 APH, BELFB, TEL, VICR
Industrial Consumer Services Other Consumer Services 1 SCI
Industrial Capital Goods Fluid Controls 8 BMI, DOV, FLS, FTV, GGG, IEX, MTD, PNR
Industrial Energy Industrial Machinery/Components 1 HOLI
Industrial Capital Goods Industrial Machinery/Components (Tools) 2 LECO, XYL
Industrial Basic Industries Aluminum 4 ARNC, MLI, TKR, VMI
Industrial Consumer Services Office Equipment/Supplies/Services 1 AVY
Industrial Basic Industries Paper 3 AIN, GPK, VRTV
Industrial Basic Industries Environmental Services 3 GFL, WCN, WM
Industrial Consumer Services Diversified Commercial Services 1 ALLE
Industrial Transportation Air Freight/Delivery Services 2 AAWW, UPS
Industrial Capital Goods Wholesale Distributors 1 WAB
Industrial Transportation Trucking Freight/Courier Services 1 DSKE
Industrial Transportation Railroads 2 CP, NSC
Industrial Consumer Services Marine Transportation 3 CPLP, KEX, NMM
Industrial Transportation Trucking Freight/Courier Services 8 ARCB, CVLG, FWRD, HTLD, MRTN, ODFL, SAIA, TFII
Industrial Capital Goods Auto Manufacturing 3 CMI, PCAR, SHYF
Industrial Public Utilities Power Generation 1 NRG
Industrial Basic Industries Electric Utilities: Central 5 AEP, EIX, PNW, POR, SO
Industrial Public Utilities Oil/Gas Transmission 2 NFG, NJR
Industrial Public Utilities Water Supply 1 AWR
Health Finance Specialty Insurers 1 CRVL
Health Health Care Major Pharmaceuticals 4 APLS, SIGA, SRPT, SUPN
Health Health Care Major Pharmaceuticals (Generic Drugs) 1 TEVA
Health Health Care Medical Specialities 1 CNC
Health Health Care Medical/Nursing Services 1 ACHC
Health Health Care Medical/Dental Instruments 11 BSX, GMED, ICUI, ITGR, LMAT, MMSI, QGEN, RGEN, SILK, SYK, ZBH
Health Health Care Biotechnology: Commercial Physical & Biological Research 5 BIO, ICLR, IQV, MEDP, TMO
Health Health Care Medical Specialities (Services) 1 OPCH
Health Health Care Medical Specialities (Supplies) 1 WST
Health Health Care Biotechnology: Electromedical & Electrotherapeutic Apparatus 3 INMD, ISRG, MASI
Health Health Care Other Pharmaceuticals 1 CAH
Commodities Consumer Services Farming/Seeds/Milling 1 BG
Commodities Basic Industries Agricultural Chemicals 1 AVD
Commodities Energy Industrial Machinery/Components 10 BE, BEP, BLDP, BLNK, CEG, CWEN, IEA, NEP, PLUG, TPIC
Commodities Energy Coal Mining 2 ARLP, HCC
Commodities Technology Semiconductors (Solar) 8 ARRY, CSIQ, ENPH, FSLR, NOVA, RUN, SEDG, SPWR
Commodities Capital Goods Construction/Ag Equipment/Trucks 1 MTW
Commodities Capital Goods Industrial Machinery/Components 1 AGCO
Commodities Basic Industries Precious Metals 5 AGI, HL, KGC, MUX, PAAS
Commodities Basic Industries Precious Metals 3 CCJ, MP, RIO
Commodities Energy Oil & Gas Production: Drilling 1 CHX
Commodities Energy Oilfield Services/Equipment 5 CLB, HLX, OII, RES, TUSK
Commodities Energy Integrated oil Companies 5 AM, CVE, EC, PBR, YPF
Commodities Energy Metal Fabrications 3 GEOS, GTLS, NOV
Commodities Energy Integrated oil Companies 4 CEQP, GEL, NS, UGI
Commodities Energy Oil & Gas Production (Royalty Trust) 1 TPL
Commodities Energy Natural Gas Distribution 7 MMP, PAA, PAGP, PBFX, RTLR, SHLX, TNK
Commodities Energy Oil & Gas Production (U.S.) 2 DEN, MTDR
Commodities Basic Industries Steel/Iron Ore 1 HWM
Financial Finance Commercial Banks 7 BAP, BMA, GGAL, IBN, ITUB, SHG, SUPV
Financial Finance Major Banks (Midwest) 1 CBSH
Financial Finance Major Banks 2 BMO, DB
Financial Finance Major Banks (Northeast) 3 CBNK, INDB, TBBK
Financial Finance Major Banks (Southeast) 7 ABCB, FCNCA, LOB, RNST, SFNC, SSB, UBSI
Financial Finance Major Banks (Regional) 1 RF
Financial Finance Major Banks (West) 8 ABTX, CADE, CFR, FFWM, FHB, FINW, PB, PPBI
Financial Capital Goods Homebuilding 2 LEN, TMHC
Financial Finance Finance: Consumer Services 1 TSLX
Financial Finance Finance: Consumer Services 2 COOP, FCFS
Financial Miscellaneous Business Services 5 EVOP, GPN, MA, PAY, PYPL
Financial Finance Investment Bankers/Brokers/Service 8 AMP, EVR, HLI, JEF, MC, RILY, RJF, SCHW
Financial Finance Investment Managers 8 AMG, ARES, BEN, CG, HKD, IVZ, JHG, TROW
Financial Consumer Services Real Estate Investment Trusts 2 BXMT, LADR
Financial Consumer Services Real Estate Investment Trusts 1 ATAX
Financial Consumer Services Real Estate Investment Trusts 12 AVB, CRESY, DLR, EQIX, ESS, HIW, NNN, PCH, SUI, TRNO, UDR, VNO
Financial Finance Major Banks (Savings) 5 BKU, FBC, NWBI, NYCB, WSFS
Financial Consumer Services Other Consumer Services (Specialty) 6 BR, ECPG, FIS, FISV, IMXI, MSCI
Financial Finance Specialty Insurers 3 AJG, MMC, RYAN
Financial Finance Property-Casualty Insurers (Diversified) 1 HIG
Financial Finance Property-Casualty Insurers 4 FAF, GSHD, KNSL, TRV

Which stocks from each industry group show weakness?

Sector Industry Sub-group # Stocks
Technology Technology Computer Software: Prepackaged Software (Database) -2 CVLT, VRNS
Technology Technology Computer Software: Prepackaged Software (Enterprise) -4 AVYA, EGHT, KERN, RNG
Technology Technology Computer Software: Prepackaged Software (Financial) -1 PEGA
Technology Technology Computer Software: Prepackaged Software (Security) -2 RPD, TENB
Technology Technology Semiconductors (Manufacturing) -1 INTC
Technology Technology Computer Software: Programming, Data Processing (Content) -2 IAC, META
Technology Consumer Services Television Services -1 CMCSA
Technology Public Utilities Telecommunications Equipment (Foreign) -2 RCI, VOD
Technology Public Utilities Telecommunications Equipment (Integrated) -1 CHTR
Retail Consumer Services Clothing/Shoe/Accessory Stores -2 VFC, VNCE
Retail Consumer Non-Durables Shoe Manufacturing -1 SHOO
Retail Capital Goods Auto Manufacturing -1 KNDI
Retail Capital Goods Auto Parts:O.E.M. (Equipment) -1 HLLY
Retail Capital Goods Auto Parts:O.E.M. (Parts) -1 DORM
Retail Consumer Durables Specialty Chemicals -1 GNLN
Retail Consumer Non-Durables Package Goods/Cosmetics -1 PG
Retail Consumer Non-Durables Specialty Foods -1 SMPL
Retail Consumer Non-Durables Meat/Poultry/Fish -1 CALM
Retail Consumer Services Catalog/Specialty Distribution -1 CHEF
Retail Consumer Non-Durables Plastic Products -1 COOK
Retail Consumer Services Consumer Electronics/Video Chains -1 ROKU
Retail Consumer Services Television Services -2 FOXA, PARA
Retail Consumer Durables Automotive Aftermarket -1 RUSHA
Retail Consumer Services Clothing/Shoe/Accessory Stores -2 BOOT, BURL
Retail Consumer Services Other Specialty Stores -1 AAN
Retail Miscellaneous Business Services (Internet) -3 BABA, FVRR, OLO
Retail Basic Industries Package Goods/Cosmetics -2 CHD, CLX
Retail Consumer Non-Durables Farming/Seeds/Milling -1 BTI
Retail Transportation Air Freight/Delivery Services -1 LUV
Retail Consumer Non-Durables Food Distributors -1 SYY
Industrial Consumer Durables Building Products -1 SPB
Industrial Basic Industries Major Chemicals: Plastics -1 TSE
Industrial Basic Industries Major Chemicals: Others -3 ASH, MEOH, TROX
Industrial Miscellaneous Office Equipment/Supplies/Services -1 PBI
Industrial Technology Professional Services -1 UPWK
Industrial Technology Industrial Machinery/Components -1 CHE
Industrial Consumer Services Other Consumer Services -1 CSV
Health Health Care Major Pharmaceuticals -5 ALKS, ALVR, ATRA, GILD, ICPT
Health Health Care Major Pharmaceuticals (Ethical Drugs) -3 ABBV, BHC, GRFS
Health Health Care Major Pharmaceuticals (Generic Drugs) -4 EGRX, HLN, OGN, RDY
Health Health Care Hospital/Nursing Management -1 CYH
Health Health Care Medical/Nursing Services -2 AMED, FMS
Health Health Care Medical/Dental Instruments -3 BAX, SNN, TFX
Health Health Care Biotechnology: Commercial Physical & Biological Research -1 AVTR
Health Health Care Medical Specialities (Services) -1 OTRK
Health Health Care Biotechnology: Electromedical & Electrotherapeutic Apparatus -1 FONR
Commodities Basic Industries Agricultural Chemicals -1 ICL
Commodities Energy Coal Mining -1 ARCH
Commodities Basic Industries Precious Metals -2 BVN, NEM
Financial Finance Finance: Consumer Services -3 OMF, SLM, YRD
Financial Finance Investment Bankers/Brokers/Service -1 OPY
Financial Consumer Services Real Estate Investment Trusts -1 CXW
Financial Finance Major Banks (Savings) -1 CASH
Financial Finance Specialty Insurers -1 EHTH
Financial Finance Property-Casualty Insurers -4 CINF, EIG, LMND, SIGI



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