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Daily stock market update September 10, 2020 - Market get tested again

September 11, 2020
MCBOSS CAPITAL
103 views

market update

How is stock market today?

The market sold off again today. It is being tested at its 50 days moving average. This is a critical support line.

What is the current support level?

Nasdaq is now at its 50 days moving average. It recently 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, Dow Jones and Russell 2000 has fallen to near its 50 days moving average.

DJIA - above its 50 days moving average line near 27000; current at 27534
S&P 500 - above its 50 days moving average line near 3300; current at 3339
NASDAQ - above its 50 and days moving average line near 10800; current at 10919
RUSSELL 2000 - above its 50 moving average line near 1500; current at 1507

Which industry groups show strength?

There are few industry groups showing strength.

Sector	Industry	Sub-group	#	Stocks
Retail	Consumer Services	Clothing/Shoe/Accessory Stores	5	CRI, GIII, PVH, TPR, UA
Retail	Consumer Non-Durables	Meat/Poultry/Fish	4	BRFS, BYND, PPC, TSN
Retail	Consumer Non-Durables	Plastic Products	2	IRBT, NWL
Retail	Consumer Services	Hotels/Resorts (Gaming)	2	DKNG, PENN
Retail	Consumer Services	Other Specialty Stores	2	AAN, RH

Industrial	Basic Industries	Paints/Coatings	2	PPG, SHW

Which industry groups from recent strength show weakness today?

Relative strength drops by 3%
Retail	Transportation	Air Freight/Delivery Services	4	ALGT, ALK, DAL, RYAAY

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.