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Research >> MCBOSS CAPITAL >> Stock market news today 2022 >> Is stock market ready for a pause or will it continue this rally? - August 5, 2022
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Is stock market ready for a pause or will it continue this rally? - August 5, 2022

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What happen to the market this week?

Friday's job report was quite surprising with over 500,000 jobs gain. The market initially dropped but then most indices recovered by end of day. This is a bullish sign.

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 or it may continue to spring higher towards its longer term 200 days moving average.

The market indices have a good week. It has now risen 4 out of the last 5 weeks. 

Index Aug. 1 to 5
Nasdaq 2.15%
S&P 500 0.36%
Dow Jones -0.13%
Russell 2000 1.94%

What is the current support level?

The major indices continue to power higher above its 50 days moving averages. It is now fourteen sessions above this moving average. They are now rising towards its 200 days moving average.

  • NASDAQ - above its 50 days moving average line near 11500; current at 12657
  • S&P 500 - above its 50 days moving average line near 3920; current at 4145
  • DJIA - above its 50 days moving average line near 31575; current at 32803
  • RUSSELL 2000 - above its 50 days moving average line near 1780; current at 1921

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 1900.

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

  • Nasdaq 12320 (overcame this resistance and is now much higher)
  • S&P 500 4177
  • Dow Jones Industrial Average 33272
  • Russell 2000 1919 (currently just sitting above this)

Stock market breadth - Accumulation vs Distribution for this week:

AccumulationDistribution
#industry groups8035
#stocks380142

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) 7 DV, HUBS, IS, MFGP, SPSC, STEM, TEAM
Technology Technology Computer Software: Prepackaged Software (Database) 3 AYX, CFLT, NEWR
Technology Technology Computer Software: Prepackaged Software (Design) 3 ANSS, SNPS, U
Technology Technology Computer Software: Prepackaged Software (Education/Media) 2 DUOL, PERI
Technology Technology Computer Software: Prepackaged Software (Enterprise) 16 ATEN, CDLX, DDOG, DT, FIVN, LPSN, MGNI, MNDY, NET, NOW, PAYC, PCOR, PCTY, PLTR, SPT, ZI
Technology Technology Computer Software: Prepackaged Software (Financial) 2 BCOR, COIN
Technology Technology EDP Services (Medical) 5 AMWL, EVH, GDRX, MDRX, SGFY
Technology Technology Computer Software: Prepackaged Software (Security) 4 CYBR, INVE, KNBE, PING
Technology Technology Computer Manufacturing 1 CRSR
Technology Technology EDP Services (Integrated System) 1 PAR
Technology Technology Computer Communications Equipment 4 ANET, DGII, EXTR, SWIR
Technology Technology EDP Services (Tech Services) 4 EPAM, GLOB, TASK, TIXT
Technology Technology Semiconductors 2 AMD, MPWR
Technology Technology Semiconductors (Equip) 7 ACLS, ACMR, AEHR, AEIS, COHU, KLIC, LRCX
Technology Technology Semiconductors (Manufacturing) 6 AMKR, MTSI, PI, QRVO, SWKS, TSM
Technology Technology Computer Software: Programming, Data Processing (Content) 4 GOOG, PINS, YELP, Z
Technology Consumer Services Television Services 2 ATUS, DISH
Technology Public Utilities Telecommunications Equipment (Wireless) 2 TDS, USM
Technology Technology Radio And Television Broadcasting And Communications Equipment 1 MSI
Technology Consumer Durables Telecommunications Equipment 2 AAOI, CLFD
Technology Technology Radio And Television Broadcasting And Communications Equipment 3 CMBM, COMM, UI
Retail Consumer Services Clothing/Shoe/Accessory Stores 1 GIL
Retail Consumer Non-Durables Shoe Manufacturing 1 CROX
Retail Capital Goods Auto Manufacturing 3 F, FSR, NKLA
Retail Capital Goods Auto Parts:O.E.M. (Equipment) 4 CPS, INVZ, MOD, WKHS
Retail Consumer Non-Durables Beverages Alcoholic (Production/Distribution) 1 MGPI
Retail Consumer Non-Durables Consumer Electronics/Appliances 1 GPRO
Retail Consumer Durables Specialty Chemicals 2 CENTA, TLRY
Retail Consumer Services Other Consumer Services 1 AFYA
Retail Consumer Non-Durables Package Goods/Cosmetics 3 CL, ELF, EPC
Retail Capital Goods Industrial Machinery/Components 3 EMKR, OLED, ST
Retail Consumer Non-Durables Packaged Foods (Dairy) 2 LWAY, OTLY
Retail Consumer Non-Durables Meat/Poultry/Fish 2 BYND, IBA
Retail Consumer Non-Durables Packaged Foods 2 JJSF, POST
Retail Consumer Durables Office Equipment/Supplies/Services 2 LEG, SCS
Retail Consumer Non-Durables Plastic Products 3 COOK, IRBT, TUP
Retail Consumer Services Hotels/Resorts (Gaming) 4 CZR, DKNG, IGT, MGM
Retail Consumer Services Consumer Electronics/Video Chains 4 AMC, DLPN, FUBO, MCS
Retail Consumer Non-Durables Recreational Products/Toys, Motor Vehicles 1 FOXF
Retail Consumer Services Marine Transportation 8 CAR, LYFT, LYV, PTON, RCL, SEAS, UBER, WMG
Retail Miscellaneous Business Services 2 ABNB, TRIP
Retail Consumer Services Books 1 PSO
Retail Consumer Services Television Services 1 LSXMA
Retail Consumer Services Television Services 3 NXST, SBGI, TGNA
Retail Consumer Services Automotive Aftermarket (Parts) 1 PRTS
Retail Consumer Durables Automotive Aftermarket 4 CVNA, CWH, SAH, VRM
Retail Consumer Services RETAIL: Building Materials 3 FND, GWW, TITN
Retail Consumer Services Clothing/Shoe/Accessory Stores 2 CHS, PLCE
Retail Health Care Medical/Nursing Services 1 CVS
Retail Consumer Services Other Specialty Stores 2 BBBY, HVT
Retail Miscellaneous Business Services (Internet) 6 DASH, FVRR, JMIA, MELI, OLO, W
Retail Consumer Services Restaurants 5 ARCO, PTLO, QSR, SBUX, SG
Retail Consumer Services Other Specialty Stores 1 SBH
Retail Consumer Services Food Chains 3 IMKTA, SFM, TA
Retail Transportation Air Freight/Delivery Services 1 JBLU
Industrial Capital Goods Military/Government/Technical 3 ESLT, HII, LMT
Industrial Consumer Durables Consumer Electronics/Appliances 1 CARR
Industrial Basic Industries Mining & Quarrying of Nonmetallic Minerals (No Fuels) 2 MLM, VMC
Industrial Consumer Durables Building Products 5 AZEK, CSTE, TGLS, WMS, WTS
Industrial Capital Goods Engineering & Construction 1 GVA
Industrial Industrial Consumer Non-Durables 3 CVCO, SKY, WGO
Industrial Basic Industries Major Chemicals: Others 2 APD, NGVT
Industrial Technology Advertising 2 CRTO, QNST
Industrial Technology Diversified Commercial Services 2 AL, RCII
Industrial Miscellaneous Business Services (Market Research) 3 IT, TRI, VRSK
Industrial Miscellaneous Business Services (Outsourcing) 1 ARMK
Industrial Technology Professional Services 2 AMN, BBSI
Industrial Technology Industrial Machinery/Components 5 CSL, JCI, MDU, MMM, OTTR
Industrial Technology Electrical Products 3 BHE, SANM, TTMI
Industrial Capital Goods Electrical Products 1 FARO
Industrial Consumer Durables Metal Fabrications 4 AME, AMOT, VLTA, VRT
Industrial Capital Goods Fluid Controls 2 ITW, PH
Industrial Energy Industrial Machinery/Components 1 DDD
Industrial Capital Goods Industrial Machinery/Components (Tools) 1 XYL
Industrial Basic Industries Aluminum 1 MTRN
Industrial Basic Industries Paper 1 CLW
Industrial Basic Industries Environmental Services 6 AQUA, CLH, CWST, SRCL, WCN, WM
Industrial Consumer Services Diversified Commercial Services 2 ADT, NSSC
Industrial Transportation Air Freight/Delivery Services 1 AAWW
Industrial Capital Goods Wholesale Distributors 1 WAB
Industrial Transportation Trucking Freight/Courier Services 1 HUBG
Industrial Consumer Services Marine Transportation 3 DAC, DSX, GSL
Industrial Transportation Trucking Freight/Courier Services 1 TFII
Industrial Basic Industries Electric Utilities: Central 2 ETR, PNW
Health Health Care Major Pharmaceuticals 35 AERI, ALNY, ARVN, ARWR, AVTE, BLUE, BMRN, BNTX, BPMC, CARA, CDXS, CHRS, CNCE, CYTK, DCPH, DVAX, EDIT, ENTA, EXAS, HRMY, HRTX, ICPT, INSM, IONS, ITCI, MRNA, MRVI, MYOV, NBIX, PTCT, REGN, SIGA, SPPI, SRPT, SUPN
Health Health Care Major Pharmaceuticals (Ethical Drugs) 1 ENDP
Health Health Care Major Pharmaceuticals (Generic Drugs) 1 TEVA
Health Health Care Hospital/Nursing Management (Long term care) 1 ENSG
Health Health Care Medical Specialities 2 CI, PGNY
Health Health Care Medical/Nursing Services 2 AHCO, EHC
Health Health Care Medical/Dental Instruments 15 ANGO, CDNA, DXCM, GMED, INSP, LMAT, LNTH, MDXG, MMSI, NARI, PEN, PODD, RGEN, SMLR, ZBH
Health Health Care Biotechnology: Commercial Physical & Biological Research 1 MYGN
Health Health Care Medical Specialities (Services) 3 GH, NVTA, OPCH
Health Health Care Medical Specialities (Supplies) 1 BDX
Health Health Care Biotechnology: Electromedical & Electrotherapeutic Apparatus 7 AXNX, IDXX, INMD, MASI, NVRO, NVST, PACB
Health Health Care Other Pharmaceuticals 2 CAH, MCK
Commodities Consumer Services Farming/Seeds/Milling 1 BG
Commodities Basic Industries Agricultural Chemicals 1 UAN
Commodities Energy Industrial Machinery/Components 9 ACA, AMRC, BE, BLDP, FCEL, GPRE, IEA, PLUG, TPIC
Commodities Energy Coal Mining 1 ARLP
Commodities Technology Semiconductors (Solar) 7 ARRY, CSIQ, ENPH, FSLR, NOVA, RUN, SPWR
Commodities Capital Goods Construction/Ag Equipment/Trucks 1 TEX
Commodities Basic Industries Precious Metals 1 AEM
Commodities Energy Oilfield Services/Equipment 1 TUSK
Commodities Energy Metal Fabrications 4 FET, FTI, GEOS, GTLS
Commodities Energy Integrated oil Companies 1 CLMT
Commodities Energy Natural Gas Distribution 2 PAA, TNK
Commodities Energy Oil & Gas Production (U.S.) 1 DEN
Commodities Basic Industries Steel/Iron Ore 1 GGB
Commodities Basic Industries Steel/Iron Ore 1 ATI
Financial Finance Commercial Banks 2 BAP, SUPV
Financial Finance Major Banks (Northeast) 2 CNOB, MCB
Financial Finance Major Banks (Southeast) 1 FCNCA
Financial Capital Goods Homebuilding 1 GRBK
Financial Finance Finance: Consumer Services 1 LPRO
Financial Finance Finance: Consumer Services 3 SOFI, UPST, WRLD
Financial Miscellaneous Business Services 9 EVOP, FOUR, GPN, IIIV, MQ, PAGS, PAYS, PYPL, SQ
Financial Finance Investment Bankers/Brokers/Service 6 BGCP, COWN, FRHC, HOOD, LPLA, XP
Financial Finance Investment Managers 2 AMG, MARA
Financial Consumer Services Real Estate Investment Trusts 1 RKT
Financial Consumer Services Real Estate Investment Trusts 4 CRESY, CTRE, CUBE, EXR
Financial Consumer Services Other Consumer Services (Specialty) 4 BKKT, DFIN, IMXI, RIOT
Financial Finance Accident &Health Insurance 2 TRUP, UNM
Financial Finance Property-Casualty Insurers (Diversified) 1 PLMR
Financial Finance Life Insurance 2 BHF, RGA
Financial Finance Property-Casualty Insurers 4 GSHD, HCI, KNSL, LMND
Financial Finance Real Estate 4 ASR, OPEN, RDFN, TCN


Which stocks from each industry group show weakness?

Sector Industry Sub-group # Stocks
Technology Technology Computer Software: Prepackaged Software (Database) -1 TDC
Technology Technology Computer Software: Prepackaged Software (Enterprise) -5 AUDC, BAND, EGHT, FSLY, RNG
Technology Technology Computer Software: Prepackaged Software (Financial) -2 ACIW, PEGA
Technology Technology EDP Services (Gaming) -2 PLTK, SCPL
Technology Technology EDP Services (Medical) -3 DH, DOCS, HCAT
Technology Technology Computer Software: Prepackaged Software (Security) -2 FTNT, NLOK
Technology Technology Electronic Components -1 SIMO
Technology Technology EDP Services (Tech Services) -4 CTG, DXC, PLUS, PRFT
Technology Technology Semiconductors -2 SITM, SMTC
Technology Technology Semiconductors (Manufacturing) -1 INTC
Technology Technology Computer Software: Programming, Data Processing (Content) -1 BZ
Technology Consumer Services Television Services -2 CABO, CCOI
Technology Public Utilities Telecommunications Equipment (Foreign) -1 RCI
Technology Public Utilities Telecommunications Equipment (Integrated) -1 VZ
Technology Consumer Durables Telecommunications Equipment -1 INFN
Retail Consumer Non-Durables Shoe Manufacturing -1 RCKY
Retail Capital Goods Auto Manufacturing -1 LCID
Retail Capital Goods Auto Parts:O.E.M. (Equipment) -2 ALSN, HLLY
Retail Capital Goods Auto Parts:O.E.M. (Parts) -1 SMP
Retail Consumer Durables Automotive Aftermarket -1 TWI
Retail Consumer Non-Durables Beverages Alcoholic (Production/Distribution) -1 TAP
Retail Consumer Non-Durables Beverages Non-Alcoholic (Production/Distribution) -1 MNST
Retail Consumer Services Other Consumer Services -2 BFAM, LAUR
Retail Consumer Non-Durables Package Goods/Cosmetics -2 MED, OLPX
Retail Consumer Services Hotels/Resorts (Lodging) -1 CHH
Retail Consumer Services Consumer Electronics/Video Chains -4 AVID, CNK, GAIA, IMAX
Retail Consumer Non-Durables Recreational Products/Toys, Motor Vehicles -1 YETI
Retail Consumer Non-Durables Recreational Products/Toys -1 FNKO
Retail Consumer Services Television Services -1 TV
Retail Consumer Services Newspapers/Magazines -1 GCI
Retail Consumer Services Clothing/Shoe/Accessory Stores -1 RVLV
Retail Miscellaneous Business Services (Internet) -1 LITB
Retail Consumer Services Other Specialty Stores (Leisure) -2 BGFV, HZO
Retail Consumer Services Department/Specialty Retail Stores -2 PSMT, WMT
Retail Consumer Services Other Specialty Stores -1 RBA
Retail Consumer Services Food Chains -1 NGVC
Retail Basic Industries Package Goods/Cosmetics -1 CLX
Retail Consumer Non-Durables Farming/Seeds/Milling -2 UVV, VGR
Retail Transportation Air Freight/Delivery Services -1 ALGT
Industrial Capital Goods Military/Government/Technical -3 ASTR, SPCE, SPR
Industrial Consumer Durables Building Products -2 ATKR, MHK
Industrial Capital Goods Engineering & Construction -2 FLR, TPC
Industrial Basic Industries Major Chemicals: Others -1 VVV
Industrial Miscellaneous Office Equipment/Supplies/Services -1 PBI
Industrial Technology Professional Services -2 CCRN, KFRC
Industrial Consumer Durables Containers/Packaging -1 SEE
Industrial Consumer Services Other Consumer Services -1 SCI
Industrial Capital Goods Fluid Controls -1 HY
Industrial Energy Industrial Machinery/Components -1 PRLB
Industrial Basic Industries Aluminum -1 IIIN
Industrial Basic Industries Paper -1 PKG
Industrial Basic Industries Environmental Services -1 ARIS
Industrial Consumer Services Diversified Commercial Services -2 LAKE, RGR
Industrial Capital Goods Wholesale Distributors -1 GBX
Industrial Consumer Services Marine Transportation -2 CPLP, GNK
Industrial Public Utilities Power Generation -1 GNE
Industrial Basic Industries Electric Utilities: Central -1 TAC
Industrial Public Utilities Oil/Gas Transmission -1 SWX
Health Health Care Major Pharmaceuticals -4 AMRN, CGEN, INCY, NTLA
Health Health Care Major Pharmaceuticals (Diversified) -1 LLY
Health Health Care Major Pharmaceuticals (Ethical Drugs) -3 ABBV, EOLS, NVO
Health Health Care Major Pharmaceuticals (Generic Drugs) -1 OGN
Health Health Care Medical/Nursing Services -1 MD
Health Health Care Medical/Dental Instruments -3 NEOG, QDEL, TNDM
Health Health Care Biotechnology: Commercial Physical & Biological Research -3 AVTR, CRL, SYNH
Health Health Care Biotechnology: Electromedical & Electrotherapeutic Apparatus -2 BRKR, WAT
Health Health Care Other Pharmaceuticals -1 OMI
Commodities Basic Industries Agricultural Chemicals -1 SMG
Commodities Energy Coal Mining -1 HCC
Commodities Basic Industries Precious Metals -1 NEM
Commodities Energy Oilfield Services/Equipment -3 CLB, NR, PUMP
Commodities Energy Integrated oil Companies -1 CVE
Commodities Energy Metal Fabrications -1 DRQ
Commodities Energy Integrated oil Companies -2 CEQP, UGI
Commodities Energy Oil & Gas Production (U.S.) -2 CNX, LPI
Commodities Basic Industries Steel/Iron Ore -1 TS
Commodities Basic Industries Steel/Iron Ore -2 EAF, TMST
Financial Finance Major Banks (Midwest) -1 BY
Financial Finance Finance: Consumer Services -3 OMF, RM, YRD
Financial Miscellaneous Business Services -2 GDOT, PAY
Financial Finance Investment Managers -1 DHIL
Financial Consumer Services Real Estate Investment Trusts -2 OCN, TREE
Financial Consumer Services Real Estate Investment Trusts -4 CXW, MPW, NTST, VNO
Financial Consumer Services Other Consumer Services (Specialty) -1 ECPG
Financial Finance Property-Casualty Insurers (Diversified) -1 AIZ
Financial Finance Life Insurance -1 LNC
Financial Finance Property-Casualty Insurers -4 AGO, MBI, MKL, THG



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