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Daily stock market update October 23, 2020 - Market indices are stuck

How is stock market today?

Market indices are stuck near its key moving averages. It is not totally a bad thing. Watch for support at these levels.

Overall this week, the market is nearly flat.

Index Oct. 23
Nasdaq -1.06%
S&P 500 -0.53%
Dow Jones -0.95%
Russell 2000 0.41%

What is the current support level?

Nasdaq and Russell 2000 rebounded a bit from its 21 and 10 days moving average respectively.

S&P 500 and DJIA rebound from near its 50 days moving average. 

Watch for support at these key moving averages in coming days.

  • DJIA - above its 50 days moving average line near 28000; current at 28335
  • S&P 500 - above its 50 days moving average line near 3400; current at 3465
  • NASDAQ - above its 50 days moving average line near 11280; current at 11548
  • RUSSELL 2000 - above its 50 days moving average line near 1530; current at 1630

Which industry groups show strength?

There are more industry groups with strength. 

Sector Industry Sub-group # Stocks
Technology Technology Computer Software: Programming, Data Processing (Content) 5 GOOG, GOOGL, PINS, SNAP, TWTR
Retail Consumer Services Clothing/Shoe/Accessory Stores 3 COLM, TPR, UA
Retail Consumer Durables Specialty Chemicals 5 CGC, CRON, GNLN, OGI, TLRY
Retail Consumer Services Marine Transportation 3 CAR, CUK, SEAS
Retail Consumer Non-Durables Recreational Products/Toys 2 HAS, MAT
Retail Miscellaneous Business Services 2 EXPE, MMYT
Industrial Technology Advertising 2 CRTO, IPG
Industrial Miscellaneous Office Equipment/Supplies/Services 2 ARC, PBI
Industrial Technology Industrial Machinery/Components 3 CSL, GE, PHG
Industrial Basic Industries Electric Utilities: Central 3 AES, PNM, PNW
Financial Finance Major Banks (Midwest) 4 ASB, BY, CBSH, WTFC
Financial Finance Major Banks (Northeast) 5 BMTC, CNBKA, MTB, SASR, WBS
Financial Finance Major Banks (Southeast) 7 ABCB, BXS, FCNCA, FHN, SFNC, SMMF, SNV
Financial Finance Major Banks (Regional) 4 CMA, KEY, RF, SIVB
Financial Finance Major Banks (West) 6 CADE, EWBC, FRC, IBTX, TCBI, WAL
Financial Finance Major Banks (Savings) 4 KRNY, PBCT, STL, WSFS
Financial Finance Property-Casualty Insurers 3 TRV, WRB, Y


Which industry groups from recent strength show weakness today?

Relative strength drops by 1%
Industrial Technology Diversified Commercial Services 5 AER, HEES, HRI, TGH, URI
Relative strength drops by 3%
Industrial Capital Goods Fluid Controls 3 BMI, ERII, IEX
Relative strength drops by 3%
Financial Finance Investment Bankers/Brokers/Service 3 BGCP, EVR, MC



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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