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Daily stock market update September 3, 2020 - Market suffers big pullback

September 04, 2020
MCBOSS CAPITAL
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market update

How is stock market today?

A difference what a day makes. Market suffers a big pullback after reaching big round number milestones.

What is the current support level?

Nasdaq fell 5% to near its 21 days moving average. Watch for the 21 days moving average which is a critical support line since April 6 when the rally began.

S&P 500 fell over 3% to near its 21 days moving average.

DJIA also fell nearly 3% to near its 21 days moving average.

Russell 2000 fell 3% and pierced through its 10 and 21 days moving average. This is not a good sign. 50 days moving average will be the next support line.

DJIA - above its 50 days moving average line near 27000; current at 28292
S&P 500 - above its 50 days moving average line near 3300; current at 3455
NASDAQ - above its 50 and days moving average line near 10800; current at 11458
RUSSELL 2000 - above its 50 moving average line near 1500; current at 1544

Which industry groups show strength?

There are no industry groups showing strength.

Which industry groups from recent strength show weakness today?

Relative strength drops by 1%
Technology	Technology	Computer Software: Prepackaged Software (Desktop)	2	ADBE, MSFT

Relative strength drops by 1%
Technology	Technology	Computer Software: Prepackaged Software (Enterprise)	12	AKAM, BAND, COUP, CRM, DOCU, DOMO, DT, PAYC, SMAR, TLND, WORK, ZM

Relative strength drops by 1%
Industrial	Consumer Durables	Consumer Electronics/Appliances	2	FIX, WSO

Relative strength drops by 1%
Industrial	Miscellaneous	Business Services	2	ICFI, STN

Relative strength drops by 1%
Commodities	Basic Industries	Precious Metals	3	BBL, BHP, CLF

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.