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Daily stock market update September 18, 2020 - Market continue to show weakness

How is stock market today?

Market continue to show weakness. Nasdaq lost key support at its 50 days moving average and is now officially in correction territory of over 10%.

This week the major indices suffered the third week down. Only small cap Russell 2000 escape the correction.

Index Sep. 18
Nasdaq -0.56%
S&P 500 -0.64%
Dow Jones -0.03%
Russell 2000 2.64%

What is the current support level?

Nasdaq and S&P 500 fell below near its 50 days moving average. This is not a good sign especially after finding resistance at its 21 days moving average.

Dow Jones and Russell 2000 are trying to hold near 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 3319
  • NASDAQ - below its 50 and days moving average line near 10800; current at 10793
  • RUSSELL 2000 - above its 50 moving average line near 1500; current at 1542

Which industry groups show strength?

There are few industry groups with strength. 

Sector Industry Sub-group # Stocks
Retail Capital Goods Auto Manufacturing 2 F, TSLA
Retail Consumer Non-Durables Beverages Alcoholic (Production/Distribution) 2 BUD, MGPI
Retail Consumer Durables Office Equipment/Supplies/Services 4 FLXS, HNI, MLHR, SCS
Industrial Basic Industries Major Chemicals 3 CE, LYB, WLK
Industrial Basic Industries Major Chemicals: Plastics 4 DOW, EMN, KRA, TSE
Industrial Basic Industries Paper 5 AIN, CLW, IP, PKG, WRK
Health Health Care Major Pharmaceuticals 37 ALNY, ALVR, ARGX, ARNA, ARVN, BGNE, BPMC, CBPO, CGEN, CHRS, DCPH, EDIT, EPZM, EXAS, EXEL, HRTX, HZNP, INO, INSM, LJPC, MYOV, NGM, NTLA, PBYI, QURE, RARE, RETA, RGNX, RTRX, SAGE, SGEN, SGMO, SPPI, SRNE, SRPT, TBIO, VYGR
Commodities Energy Coal Mining 4 ARCH, BTU, CNX, HCC


Which industry groups from recent strength show weakness today?

Relative strength drops by 1%
Industrial Consumer Durables Building Products 5 APOG, AYI, MWA, OC, WTS
Relative strength drops by 1%
Industrial Miscellaneous Business Services (Market Research) 4 CSGP, IT, NLSN, VRSK
Relative strength drops by 2%
Health Health Care Medical/Nursing Services 2 DVA, RDNT
Relative strength drops by 1%
Financial Finance Major Banks (Regional) 3 CMA, HBAN, KEY
Relative strength drops by 1%
Financial Capital Goods Homebuilding 3 KBH, MDC, NVR
Relative strength drops by 5%
Financial Consumer Services Real Estate Investment Trusts 15 ADC, AMH, AMT, CLDT, COR, DLR, EPRT, GPMT, HIW, IIPR, NNN, PEB, STOR, VICI, VNO


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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