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Daily stock market update March 5, 2021 - Market made a big comeback

How is stock market today?

Market made a big comeback from a quick early drop on Friday. It is hard to tell if one day makes a new trend. It may be the bottom or it may just be another trap. In a correction, a bottom generally forms when things look the worse. Is there enough fear to shake out more weak investors? A rally will eventually take form and the patient investors will strive.

Overall, the market show mixed pictures with the growth stocks mainly on Nasdaq taking the brunt of the correction.

Index Mar. 1-5
Nasdaq -2.06%
S&P 500 0.81%
Dow Jones 1.82%
Russell 2000 -0.40%

What is the current support level?

Nasdaq dropped further below its 50 days moving average before rebounding.

S&P 500 rebound above its 50 days moving average, but is still below its 10 and 21 days moving average.

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

Once again, it is important to hold at these levels.

  • NASDAQ - above its 50 days moving average line near 13300; current at 12920
  • S&P 500 - above its 50 days moving average line near 3800; current at 3841
  • DJIA - above its 50 days moving average line near 31000; current at 31496
  • RUSSELL 2000 - above its 50 days moving average line near 2125; current at 2192

Psychological levels

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

Which industry groups show strength?

There are many industry groups showing accumulation. Once again, you are seeing strength coming from cyclical stocks.

Sector Industry Sub-group # Stocks
Retail Consumer Durables Automotive Aftermarket 2 CTB, GT
Retail Consumer Durables Office Equipment/Supplies/Services 2 LEG, TPX
Retail Consumer Services Marine Transportation 4 CAR, LYFT, SIX, VAC
Retail Consumer Services Television Services 4 FOX, FOXA, MDP, WWE
Retail Consumer Services Television Services 3 DISCK, NXST, SSP
Retail Consumer Services Food Chains 4 CBD, IMKTA, KR, SFM
Retail Consumer Non-Durables Food Distributors 2 CORE, USFD
Industrial Capital Goods Engineering & Construction 3 AGX, MTZ, PRIM
Industrial Finance Diversified Commercial Services 2 EME, MYRG
Industrial Basic Industries Major Chemicals: Plastics 4 AVNT, DOW, EMN, TSE
Industrial Miscellaneous Business Services (Outsourcing) 5 ADP, ARMK, CNDT, EXLS, NSP
Industrial Technology Industrial Machinery/Components 7 BRK.B, CSL, EMR, ETN, GE, JCI, MDU
Industrial Basic Industries Aluminum 4 CENX, CMC, MTRN, WOR
Industrial Basic Industries Paper 5 AIN, IP, NP, SWM, WRK
Industrial Transportation Railroads 2 CNI, CP
Industrial Transportation Trucking Freight/Courier Services 4 ARCB, LSTR, ODFL, WERN
Industrial Capital Goods Auto Manufacturing 2 CMI, CVGI
Health Health Care Medical Specialities 4 ANTM, CI, GTS, UNH
Commodities Energy Oil & Gas Production (Canada) 2 CNQ, ERF
Commodities Energy Oil & Gas Production: Drilling 3 HP, PTEN, RIG
Commodities Energy Oilfield Services/Equipment 6 HAL, HLX, NR, OII, OIS, RES
Commodities Energy Integrated oil Companies 8 CVX, EC, EQT, MRO, PTR, RDS.A, TOT, XOM
Commodities Energy Metal Fabrications 5 DRQ, FET, GTLS, NOV, WHD
Commodities Energy Integrated oil Companies 7 CEQP, CLMT, CZZ, MPC, NS, UGI, VLO
Commodities Energy Natural Gas Distribution 8 EPD, KMI, MMP, OKE, PAA, PAGP, PSXP, WES
Commodities Energy Oil & Gas Production (U.S.) 12 BCEI, CPE, DVN, EOG, FANG, MTDR, PDCE, PVAC, QEP, SM, WTI, XEC
Commodities Basic Industries Steel/Iron Ore 4 MT, PKX, STLD, TS
Financial Finance Major Banks (Midwest) 4 ASB, HBNC, MBIN, UMBF
Financial Finance Major Banks 7 BAC, BCS, BK, C, GS, JPM, MS
Financial Finance Major Banks (Northeast) 9 BMTC, CNBKA, CNOB, CUBI, EBSB, HONE, SASR, TBBK, WBS
Financial Finance Major Banks (Southeast) 8 ABCB, BXS, FBK, FBP, FCNCA, FHN, HOMB, SMMF
Financial Finance Major Banks (West) 7 ABTX, EWBC, FIBK, GBCI, HMST, PB, WAFD
Financial Capital Goods Homebuilding 3 BZH, HOV, LGIH
Financial Finance Finance: Consumer Services 5 COOP, ENVA, OMF, RM, SLM
Financial Finance Major Banks (Savings) 4 FFBC, KRNY, NWBI, STL
Financial Finance Life Insurance 3 AEL, ATH, PUK


Which industry groups from recent strength show weakness today?

There are no industry groups showing weakness. 

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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