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Daily stock market update March 4, 2021 - Market deteriorates

March 05, 2021
MCBOSS CAPITAL
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market update

How is stock market today?

Market once again deteriorate as the day progress. This is a sign of heavy distribution.

It is best to wait for the dust to settle before diving in again. There is no way of knowing how far this correction will go.

What is the current support level?

Nasdaq dropped further below its 50 days moving average.

S&P 500 dropped below its 50 days moving average.

Dow jones and Russell 2000 fell to its 50 days moving average.

NASDAQ - above its 50 days moving average line near 13300; current at 12723
S&P 500 - above its 50 days moving average line near 3800; current at 3768
DJIA - above its 50 days moving average line near 31000; current at 30924
RUSSELL 2000 - above its 50 days moving average line near 2125; current at 2146

Psychological levels

Nasdaq is below 13000.
S&P 500 is now below 3800.
Dow Jones Industrial Average is now below 31000.
Small cap Russell 2000 is below 2200.

Which industry groups show strength?

There are few industry groups showing accumulation.

Sector	Industry	Sub-group	#	Stocks
Retail	Consumer Services	Television Services	2	NXST, SSP

Industrial	Basic Industries	Paper	3	AIN, IP, WRK

Commodities	Energy	Integrated oil Companies	4	CVX, PTR, RDS.A, XOM
Commodities	Energy	Integrated oil Companies	4	CEQP, CLMT, MPC, NS
Commodities	Energy	Natural Gas Distribution	7	EPD, MMP, OKE, PAA, PSXP, SHLX, WES

Financial	Finance	Major Banks (Midwest)	2	MBIN, UMBF
Financial	Finance	Major Banks (Northeast)	4	BMTC, EBSB, HONE, SASR
Financial	Finance	Finance: Consumer Services	6	COOP, ENVA, OMF, RM, SC, SLM

Which industry groups from recent strength show weakness today?

Relative strength drops by 1%
Technology	Technology	Radio And Television Broadcasting And Communications Equipment	-2	AAPL, MSI

Relative strength drops by 1%
Retail	Consumer Services	Hotels/Resorts (Gaming)	-3	IGT, PENN, SGMS

Relative strength drops by 1%
Industrial	Technology	Industrial Machinery/Components	3	EMR, ETN, GE

Relative strength drops by 2%
Industrial	Basic Industries	Aluminum	3	CENX, CMC, WOR

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.