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Daily stock market update September 23, 2020 - Market correction continues

How is stock market today?

If you still don't believe in this correction, today's action definitely does not help. This is a broad based correction as all sectors drop today. Many industry groups are starting to fall below the 50 days moving average which is normally a key support trend line.

                 Correction
Nasdaq 11%
S&P 500 9%
DJIA 8%
Russell 2000 9%


What is the current support level?

Nasdaq fell further down after find resistance at its 50 days moving average. This is the third time Nasdaq has tested this level.

S&P 500, Dow Jones and Russell 2000 also fell further below the 50 days moving average. Russell 2000 also fell slightly below its 200 days moving average. Dow Jones might be next testing this 200 days moving average.

  • DJIA - below its 50 days moving average line near 27000; current at 26763
  • S&P 500 - below its 50 days moving average line near 3300; current at 3236
  • NASDAQ - below its 50 and days moving average line near 10800; current at 10632
  • RUSSELL 2000 - below its 50 and 200 days moving average line; current at 1451

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 Non-Durables Shoe Manufacturing 2 DECK, NKE


Which industry groups from recent strength show weakness today?

Relative strength drops by 1%
Retail Consumer Durables Office Equipment/Supplies/Services -3 HNI, LEG, SCS
Relative strength drops by 2%
Retail Consumer Services Consumer Electronics/Video Chains -3 CNK, IMAX, MCS
Relative strength drops by 1%
Industrial Basic Industries Major Chemicals -2 BAK, LYB
Relative strength drops by 4%
Industrial Basic Industries Major Chemicals: Plastics -3 DOW, EMN, TG
Below 50 days moving average
Industrial Consumer Durables Containers/Packaging -2 ATR, BLL
Below 50 days moving average
Health Health Care Hospital/Nursing Management -4 CYH, HCA, SEM, UHS
Below 50 days moving average
Commodities Consumer Services Farming/Seeds/Milling -2 BG, DAR
Below 50 days moving average
Financial Finance Property-Casualty Insurers (Diversified) -3 AIG, HIG, MFC


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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