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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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