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Daily stock market update March 2, 2021 - Market show weakness
How is stock market today?
Market show weakness today as it continues to seesaw up and down in recent sessions. The trading range have seemed to narrow and the market may make a decisive move on the next trend.
What is the current support level?
Nasdaq found resistance at its 10 and 21 days moving average. This is not a good sign, however it is still above 50 days moving average.
S&P 500, Dow jones, and Russell 2000 is sitting near its 10 and 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 13300; current at 13358
- S&P 500 - above its 50 days moving average line near 3800; current at 3870
- DJIA - above its 50 days moving average line near 31000; current at 31391
- RUSSELL 2000 - above its 50 days moving average line near 2125; current at 2231
Psychological levels
- Nasdaq is below 14000.
- S&P 500 is now above 3900.
- Dow Jones Industrial Average is now above 31000.
- Small cap Russell 2000 is above 2200.
Which industry groups show strength?
There are not many industry groups showing accumulation.
Sector | Industry | Sub-group | # | Stocks |
Industrial | Basic Industries | Paper | 3 | AIN, IP, WRK |
Industrial | Transportation | Trucking Freight/Courier Services | 4 | ARCB, LSTR, ODFL, WERN |
Commodities | Energy | Natural Gas Distribution | 5 | EPD, OKE, PAA, PSXP, WES |
Financial | Finance | Major Banks (Midwest) | 2 | BY, MBIN |
Financial | Finance | Major Banks | 2 | C, MS |
Which industry groups from recent strength show weakness today?
Relative strength drops by 5% | ||||
Technology | Technology | Semiconductors (Equip) | -2 | FORM, KLAC |
Relative strength drops by 1% | ||||
Retail | Consumer Services | Television Services | 2 | DIS, FOXA |
Relative strength drops by 2% | ||||
Industrial | Miscellaneous | Business Services (Outsourcing) | 3 | ARMK, NSP, PAYX |
Relative strength drops by 1% | ||||
Financial | Finance | Investment Bankers/Brokers/Service | -2 | BGCP, XP |
Relative strength drops by 8% | ||||
Financial | Finance | Investment Managers | 3 | IVZ, TROW, VRTS |
Relative strength drops by 3% | ||||
Financial | Finance | Property-Casualty Insurers | 3 | ESGR, MBI, UIHC |
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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