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Daily stock market update October 12, 2020 - Market power up higher

How is stock market today?

Market power up higher to start the week strong. Earnings season will be starting this week. There may be some volatility ahead.


What is the current support level?

Nasdaq, S&P 500, and DJIA continue to move higher above its 50 days moving average. 

Russell 2000 made a new high since the pandemic.

  • DJIA - above its 50 days moving average line near 27650; current at 28837
  • S&P 500 - above its 50 days moving average line near 3360; current at 3534
  • NASDAQ - above its 50 days moving average line near 10800; current at 11876
  • RUSSELL 2000 - above its 50 days moving average line near 1530; current at 1649

Which industry groups show strength?

There are few industry groups with strength. 

Sector Industry Sub-group # Stocks
Technology Technology Computer Software: Prepackaged Software (Design) 2 ANSS, SNPS
Retail Consumer Durables Specialty Chemicals 4 APHA, CGC, CRON, GNLN
Retail Consumer Non-Durables Packaged Foods 2 FLO, PEP
Industrial Capital Goods Engineering & Construction 3 GVA, MTZ, PWR
Financial Finance Investment Bankers/Brokers/Service 3 BGCP, EVR, MC

Which industry groups from recent strength show weakness today?

Relative strength drops by 2%
Technology Technology Computer Software: Prepackaged Software (Enterprise) 7 ATEN, FSLY, LPSN, MANH, PAYC, PLTR, TWLO
Relative strength drops by 9%
Technology Technology Computer Software: Prepackaged Software (Financial) 4 ACIW, PEGA, QTWO, SSNC
Relative strength drops by 1%
Technology Technology Computer Software: Prepackaged Software (Security) 2 CYBR, SAIL
Relative strength drops by 4%
Technology Technology EDP Services (Tech Services) 5 CTSH, IBM, INFY, VRTU, WIT
Relative strength drops by 2%
Industrial Consumer Durables Metal Fabrications 6 AME, AZZ, FELE, GNRC, ROK, WIRE


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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