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Daily stock market update September 22, 2020 - Market rebound a little

How is stock market today?

Market rebound a little and took a break from the current correction.


What is the current support level?

Nasdaq and S&P 500 is trying to bounce back to its 50 days moving average. The 10 and 21 days moving average are also converging to this level. It will be critical test for the index here.

S&P 500, Dow Jones and Russell 2000 are still below the 50 days moving average. 

  • DJIA - below its 50 days moving average line near 27000; current at 27288
  • S&P 500 - below its 50 days moving average line near 3300; current at 3315
  • NASDAQ - below its 50 and days moving average line near 10800; current at 10963
  • RUSSELL 2000 - below its 50 moving average line near 1500; current at 1496

Which industry groups show strength?

There are not much industry groups with strength. This is not a good sign.

Sector Industry Sub-group # Stocks
Retail Consumer Services Consumer Electronics/Video Chains 2 CSSE, ROKU
Retail Consumer Services Consumer Electronics/Video Chains 2 CONN, GME

Which industry groups from recent strength show weakness today?

Below 50 days moving average
Retail Consumer Durables Automotive Aftermarket -2 GT, TWI
Relative strength drops by 1%
Industrial Capital Goods Industrial Machinery/Components (Tools) -2 KMT, LECO


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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