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Daily stock market update February 26, 2021 - Market bounce a bit

February 28, 2021
MCBOSS CAPITAL
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market update

How is stock market today?

Although market bounce back a bit on Friday, it is still under test at these levels. Watch for support near key moving averages.

Overall, the indices suffered the worst week since the rally begin early November last year.

Index	Feb. 22-26
Nasdaq	-4.92%
S&P 500	-2.45%
Dow Jones	-1.78%
Russell 2000	-2.90%

What is the current support level?

Nasdaq dropped below its 50 days moving average. It is now below for two straight sessions.

S&P 500 fell below its 10 and 21 days moving average and is just sitting at its 50 days moving average.

Dow Jones fell to its 50 days moving average in two sessions. It is quite concerning. Watch for this key support level.

Russell 2000 fell below its 21 days moving average.

It is important for the indices to find support at these levels.

NASDAQ - above its 50 days moving average line near 13100; current at 13192
S&P 500 - above its 50 days moving average line near 3780; current at 3811
DJIA - above its 50 days moving average line near 30600; current at 30932
RUSSELL 2000 - above its 50 days moving average line near 2075; current at 2201

Psychological levels

Nasdaq is below 14000.
S&P 500 is below 3900.
Dow Jones Industrial Average is now below 31000.
Small cap Russell 2000 is above 2200.

Which industry groups show strength?

There are some industry groups showing accumulation.

Sector	Industry	Sub-group	#	Stocks
Retail	Consumer Durables	Automotive Aftermarket	2	CTB, GT
Retail	Consumer Services	Hotels/Resorts (Gaming)	6	BYD, CZR, DKNG, LVS, MCRI, WYNN
Retail	Consumer Services	Marine Transportation	10	CAR, CCL, CUK, MTN, NCLH, PLNT, RCL, SEAS, SIX, VAC
Retail	Miscellaneous	Business Services	3	EXPE, MMYT, TRVG
Retail	Consumer Services	Television Services	3	DISCA, DISCK, NXST
Retail	Transportation	Air Freight/Delivery Services	8	AAL, ALGT, ALK, CPA, DAL, HA, LUV, UAL

Industrial	Technology	Diversified Commercial Services	7	AER, FLY, HRI, R, RCII, TRTN, UHAL
Industrial	Technology	Industrial Machinery/Components	-5	CHE, CSL, PHG, ROP, TRS

Commodities	Energy	Oil & Gas Production: Drilling	2	HP, PTEN
Commodities	Energy	Oilfield Services/Equipment	6	CLB, HAL, OII, OIS, RES, SLB
Commodities	Energy	Integrated oil Companies	3	BP, CVX, MRO
Commodities	Energy	Metal Fabrications	2	NOV, WHD
Commodities	Energy	Oil & Gas Production (U.S.)	12	BCEI, CPE, DVN, FANG, MTDR, OAS, PDCE, PXD, SM, WLL, WTI, XEC

Which industry groups from recent strength show weakness today?

Relative strength drops by 1%
Industrial	Basic Industries	Environmental Services	-2	SRCL, WCN

Below 50 days moving average
Health	Health Care	Other Pharmaceuticals	-2	CAH, MCK

Relative strength drops by 1%
Commodities	Energy	Coal Mining	-2	ARCH, HCC

Relative strength drops by 2%
Commodities	Energy	Integrated oil Companies	6	CVI, DK, HFC, MPC, NS, VLO

Relative strength drops by 4%
Commodities	Energy	Natural Gas Distribution	9	ENB, ENBL, EPD, MMP, OKE, PAA, PAGP, PSXP, WES

Relative strength drops by 1%
Financial	Finance	Major Banks (Southeast)	7	BPOP, BXS, FBK, FCNCA, HOMB, SFNC, UCBI

Relative strength drops by 2%
Financial	Consumer Services	Real Estate Investment Trusts	22	ADC, AHT, AVB, CLDT, CPT, CUBE, EPR, EPRT, ESS, EXR, HIW, MAA, MGP, NNN, ORC, PSB, SLG, SUI, UDR, VICI, VNO, WY

Relative strength drops by 1%
Financial	Finance	Life Insurance	6	ATH, MET, PRU, PUK, SLF, VOYA

Relative strength drops by 1%
Financial	Finance	Real Estate	3	CBRE, JLL, KW

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.