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Daily stock market update October 16, 2020 - Market show weakness

How is stock market today?

Market show weakness after it gave up a substantial gain earlier in the day.

Overall the market is still in an uptrend and put in four consecutive weeks up. Despite uncertainty with stimulus relief and election, the market is making good progress and holding on to the few weeks of gains.

Index Oct. 12-16
Nasdaq 0.79%
S&P 500 0.19%
Dow Jones 0.07%
Russell 2000 -0.23%


What is the current support level?

Nasdaq, S&P 500, DJIA and Russell 2000 bounced of its 10 days moving average and are all sitting above its 50 days moving average. 

  • DJIA - above its 50 days moving average line near 27650; current at 28606
  • S&P 500 - above its 50 days moving average line near 3360; current at 3483
  • NASDAQ - above its 50 days moving average line near 10800; current at 11671
  • RUSSELL 2000 - above its 50 days moving average line near 1530; current at 1633

Which industry groups show strength?

There are not many industry groups with strength. 

Sector Industry Sub-group # Stocks
Technology Technology Computer Software: Prepackaged Software (Design) 2 ADSK, APPN
Retail Consumer Non-Durables Packaged Foods 2 ADM, ANDE
Industrial Technology Industrial Machinery/Components 4 GE, MDU, PHG, ROP
Industrial Capital Goods Fluid Controls 3 BMI, ERII, IEX
Commodities Technology Semiconductors (Solar) 2 FSLR, JKS


Which industry groups from recent strength show weakness today?

Relative strength drops by 3%
Retail Capital Goods Auto Manufacturing 2 F, TSLA
Relative strength drops by 2%
Industrial Miscellaneous Industrial Machinery/Components 3 AVT, LFUS, VSH
Relative strength drops by 8%
Financial Finance Investment Managers 7 AB, APAM, BLK, EV, TROW, VRTS, WDR


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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