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Daily stock market update September 17, 2020 - Market weakens
How is stock market today?
Market weakens. Nasdaq lost key support at its 50 days moving average for the second time. Tech stocks suffer another drop. However there are signs of accumulation in some retail and industrial stocks.
What is the current support level?
Nasdaq fell below near its 50 days moving average. This is not a good sign especially after finding resistance at its 21 days moving average.
S&P 500 is near its 50 days moving average. Dow Jones and Russell 2000 are trying to hold on to its 21 days moving average. It will be important for these indices to find support at this level.
- DJIA - above its 50 days moving average line near 27000; current at 27901
- S&P 500 - above its 50 days moving average line near 3300; current at 3357
- NASDAQ - below its 50 and days moving average line near 10800; current at 10910
- RUSSELL 2000 - above its 50 moving average line near 1500; current at 1542
Which industry groups show strength?
There are strength in retail and industrial related industry groups.
Sector | Industry | Sub-group | # | Stocks |
Retail | Capital Goods | Auto Manufacturing | 2 | FCAU, TSLA |
Retail | Consumer Non-Durables | Beverages Alcoholic (Production/Distribution) | 2 | BUD, MGPI |
Retail | Consumer Non-Durables | Packaged Foods | 3 | ADM, ANDE, INGR |
Retail | Consumer Non-Durables | Meat/Poultry/Fish | 3 | BRFS, BYND, IBA |
Retail | Consumer Durables | Office Equipment/Supplies/Services | 4 | FLXS, HNI, MLHR, SCS |
Retail | Consumer Services | Hotels/Resorts (Gaming) | 4 | DKNG, IGT, PENN, SGMS |
Retail | Consumer Services | Marine Transportation | 2 | CLCT, LYFT |
Industrial | Consumer Durables | Building Products | 5 | APOG, AYI, MWA, OC, WTS |
Industrial | Basic Industries | Major Chemicals | 3 | HUN, LYB, WLK |
Industrial | Basic Industries | Major Chemicals: Plastics | 4 | DOW, EMN, KRA, TSE |
Industrial | Capital Goods | Fluid Controls | 7 | CFX, GGG, IR, ITT, ITW, PNR, SXI |
Industrial | Capital Goods | Industrial Machinery/Components (Tools) | 2 | KMT, XYL |
Industrial | Basic Industries | Paper | 3 | IP, PKG, WRK |
Industrial | Transportation | Air Freight/Delivery Services | 2 | AAWW, FDX |
Industrial | Transportation | Railroads | 2 | CP, CSX |
Health | Health Care | Major Pharmaceuticals | 21 | ALKS, ARGX, ARVN, BPMC, CBPO, DCPH, EXEL, HZNP, INO, INSM, LJPC, NKTR, NTLA, QURE, RARE, SAGE, SGEN, SGMO, SPPI, SRNE, VRTX |
Health | Health Care | Medical/Nursing Services | 2 | DVA, RDNT |
Commodities | Energy | Coal Mining | 4 | ARCH, BTU, CNX, HCC |
Financial | Capital Goods | Homebuilding | 3 | KBH, MDC, NVR |
Which industry groups from recent strength show weakness today?
None
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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