Life is memorable. Share your experience. Help others. Return the favor. Terms Of Use Privacy Policy About FAQ Help Contact Us

As an Amazon Associate and affiliate with other third parties, Echofavor earn from qualifying purchases and display advertisements.

View Coupon

Daily stock market update March 3, 2021 - Market show more weakness

March 04, 2021
MCBOSS CAPITAL
0 views

market update

How is stock market today?

Market show more weakness today as the market made a decisive move down especially for the Nasdaq index. Nasdaq broke key level support at its 50 days moving average.

However, cyclical and value stocks seem to do a lot better. Accumulation continue to show up in the retail, industrial, commodity and financial sectors. See industry groups strengths below.

What is the current support level?

One day after Nasdaq found resistance at its 10 and 21 days moving average, it dipped below its 50 days moving average. This is not a good sign.

S&P 500 fell to its 50 days moving average. It is important to find support at this level.

Dow jones and Russell 2000 fell below 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 12997
S&P 500 - above its 50 days moving average line near 3800; current at 3819
DJIA - above its 50 days moving average line near 31000; current at 31270
RUSSELL 2000 - above its 50 days moving average line near 2125; current at 2207

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 more industry groups showing accumulation. This is quite surprising consider market is down today. Rotation continue to move from growth stocks to cyclical and value stocks.

Sector	Industry	Sub-group	#	Stocks
Retail	Capital Goods	Auto Parts:O.E.M. (Equipment)	5	LDL, LEA, MGA, MOD, THRM
Retail	Consumer Durables	Automotive Aftermarket	2	CTB, GT
Retail	Consumer Durables	Office Equipment/Supplies/Services	2	LEG, TPX
Retail	Consumer Services	Marine Transportation	4	CCL, CUK, LYFT, NCLH
Retail	Consumer Services	Television Services	2	NXST, SSP
Retail	Consumer Non-Durables	Food Distributors	2	CORE, USFD

Industrial	Finance	Diversified Commercial Services	2	EME, MYRG
Industrial	Technology	Diversified Commercial Services	2	HRI, UHAL
Industrial	Basic Industries	Aluminum	3	CENX, CMC, WOR
Industrial	Basic Industries	Paper	4	AIN, IP, NP, WRK
Industrial	Transportation	Trucking Freight/Courier Services	4	ARCB, ODFL, SAIA, WERN

Commodities	Energy	Integrated oil Companies	2	CEQP, NS
Commodities	Energy	Natural Gas Distribution	8	EPD, MMP, MPLX, OKE, PAA, PSXP, SHLX, WES
Commodities	Basic Industries	Steel/Iron Ore	3	MT, PKX, TS

Financial	Finance	Major Banks (Midwest)	2	MBIN, UMBF
Financial	Finance	Major Banks	5	BCS, BK, C, JPM, MS
Financial	Finance	Major Banks (Northeast)	7	BMTC, CNBKA, CUBI, EBSB, HONE, SASR, WBS
Financial	Finance	Major Banks (Southeast)	5	ABCB, FBK, FBP, HOMB, SMMF
Financial	Finance	Major Banks (West)	4	ABTX, FIBK, GBCI, WAFD
Financial	Finance	Finance: Consumer Services	4	COOP, ENVA, OMF, RM
Financial	Finance	Major Banks (Savings)	3	FBC, KRNY, STL
Financial	Finance	Life Insurance	2	ATH, PUK

Which industry groups from recent strength show weakness today?

Relative strength drops by 1%
Technology	Technology	Electronic Components	2	MU, WDC

Relative strength drops by 2%
Technology	Technology	Computer Manufacturing	3	HPQ, SMCI, TACT

Relative strength drops by 1%
Technology	Technology	EDP Services (Integrated System)	2	AGYS, PAR

Relative strength drops by 1%
Retail	Consumer Non-Durables	Shoe Manufacturing	-2	NKE, SHOO

Relative strength drops by 1%
Retail	Consumer Services	Other Consumer Services	-3	CHGG, GSX, LAUR

Below 50 days moving average
Retail	Consumer Services	RETAIL: Building Materials	2	BECN, FAST

Relative strength drops by 1%
Retail	Consumer Services	Clothing/Shoe/Accessory Stores	6	BOOT, DLTH, FL, GPS, ROST, TJX

Relative strength drops by 1%
Retail	Transportation	Air Freight/Delivery Services	8	AAL, ALGT, ALK, CPA, DAL, HA, LUV, UAL

Relative strength drops by 1%
Industrial	Technology	Professional Services	2	CCRN, KFRC

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.