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Daily stock market update December 28, 2020 - Market hit new high

December 29, 2020
MCBOSS CAPITAL
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market update

How is stock market today?

Market hit new high but market breadth is lacking in strength.

What is the current support level?

The indices hit new intraday high. However, Russell 2000 reverse lower by end of day. This is not a good sign for the short term.

NASDAQ - above its 50 days moving average line near 11700; current at 12899
S&P 500 - above its 50 days moving average line near 3400; current at 3735
DJIA - above its 50 days moving average line near 28000; current at 30403
RUSSELL 2000 - above its 50 days moving average line near 1580; current at 1996

Psychological levels

Nasdaq is hitting new high above 12000.
S&P 500 is above 3700.
Dow Jones Industrial Average is above 30000.
Small cap Russell 2000 is below 2000.

Which industry groups show strength?

There are not many industry groups with strength.

Sector	Industry	Sub-group	#	Stocks
Technology	Technology	Radio And Television Broadcasting And Communications Equipment	2	ADTN, SATS
Technology	Technology	Radio And Television Broadcasting And Communications Equipment	2	AAPL, SONM

Retail	Consumer Services	Department/Specialty Retail Stores	2	DDS, M

Industrial	Miscellaneous	Business Services (Market Research)	3	CSGP, NLSN, VRSK

Which industry groups from recent strength show weakness today?

Relative strength drops by 1%
Technology	Technology	Computer Software: Prepackaged Software (Special)	7	AI, ALRM, APPF, BL, SPSC, YEXT, ZUO

Relative strength drops by 10%
Technology	Technology	Computer Software: Prepackaged Software (Enterprise)	-9	BAND, BZUN, FROG, NET, SNOW, TLND, UPLD, WIX, ZM

Relative strength drops by 2%
Technology	Technology	EDP Services (Tech Services)	9	ACN, CDW, CTSH, EGOV, GIB, GLOB, PLUS, PRFT, WIT

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.