Jun 12, 20222 min read

The Generals. Week 23.

Edition 0016. 06.12.2022. Week of 06.06 - 06.12.2022

This weekly commentary examines the 10 largest companies in the S&P 500, by market capitalization, affectionately called The Generals.

The General's Market Capitalization & Trend Table

Click here for a guide to the performance table. Click the performance table to enlarge.

Source of the weights data: https://www.barchart.com/etfs-funds/quotes/SPY/constituents

Downtrends continue, while there is evident deterioration from the previously healthy Generals.
The quantitative trend model has downgraded JNJ and BRK.B from uptrends to rangebound.
Subjectively, I have downgraded BRK.B to a downtrend as it has violated a key price level.
UNH has moved up from 9th largest cap to 8th pushing JNJ down from 8th to 9th.

Overview

Performance table sorted by the 1-week rate-of-change.

Click here for the performance table guide. Click the performance table to enlarge.

0 of 10 Generals finished higher last week.
5 Generals outperformed SPY despite closing lower – UNH, TSLA, JNJ, GOOG/GOOGL.
UNH, JNJ, AAPL, BRK.B printed 13-week closing lows.
Quantitatively, only UNH remains in an uptrend on neutral momentum.
The group is, on average, 25 weeks and 27.25% from their last 52-week highs.

Performance table sorted in descending order using the Proprietary E.C.C. Relative Strength Ranking.

Click here for the performance table guide. Click the performance table to enlarge.

Leading in strength against SPY is JNJ, UNH, and BRK.B.
Lagging in strength against SPY is GOOGL, TSLA, and NVDA.

Year-to-date performance chart.

Click to enlarge.

This chart reveals that there are no longer any Generals with a gain this year-to-date. BRK.B has now given back its almost 20% gain from the end of March. META remains the laggard.