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Daily stock market update September 8, 2020 - Market continue selloff
How is stock market today?
The market continues where it left off last week. It begins the week with another big sell off. This time it is more broad based. Indices are now near key moving average. If it can't find support at this level, it may go down a lot more.
What is the current support level?
Nasdaq is now at its 50 days moving average. It only took three sessions to drop 10% to this moving average. Prior to this, it break below its 21 days moving average before finding support at its 50 days moving average. The 21 days moving average was a critical support line since April 6 when the rally began.
S&P 500 and Dow Jones fell further and is now closing in on its 50 days moving average.
DJIA also fell nearly 3% to near its 21 days moving average.
Russell 2000 also fell to its 50 days moving average.
- DJIA - above its 50 days moving average line near 27000; current at 27500
- S&P 500 - above its 50 days moving average line near 3300; current at 3331
- NASDAQ - above its 50 and days moving average line near 10800; current at 10847
- RUSSELL 2000 - above its 50 moving average line near 1500; current at 1504
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% | ||||
| Retail | Capital Goods | Auto Manufacturing | 4 | GM, KNDI, RACE, TSLA |
| Relative strength drops by 9% | ||||
| Retail | Capital Goods | Auto Parts:O.E.M. (Equipment) | -5 | ALSN, APTV, GNTX, THRM, VC |
| Below 50 days moving average | ||||
| Industrial | Basic Industries | Forest Products | -2 | BCC, UFPI |
| Below 50 days moving average | ||||
| Industrial | Basic Industries | Paper | -2 | GPK, NP |
| Below 50 days moving average | ||||
| Industrial | Public Utilities | Power Generation | -2 | NRG, NWE |
| Below 50 days moving average | ||||
| Health | Health Care | Medical Specialities | -3 | ANTM, CNC, MOH |
| Below 50 days moving average | ||||
| Commodities | Energy | Oil & Gas Production: Drilling | -2 | HP, RIG |
| Below 50 days moving average | ||||
| Commodities | Energy | Oilfield Services/Equipment | -3 | CLB, HAL, OII |
| Relative strength drops by 1% | ||||
| Financial | Finance | Major Banks | -6 | BAC, BCS, GS, MS, UBS, WFC |
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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