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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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