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Daily stock market update March 23, 2021 - Market lose its grip
How is stock market today?
Market lose its grip as another index went below its 50 days moving average. Russell 2000 joined Nasdaq in this case.
What is the current support level?
Nasdaq has failed again for the third time in recent days to recover above its 50 days moving average.
S&P 500 and Dow Jones fell to near its 10 and 21 days moving average.
Russell 2000 fell below its 50 days moving average decisively for the first time since October. This may signal further weakness to come.
- NASDAQ - above its 50 days moving average line near 13400; current at 13227
- S&P 500 - above its 50 days moving average line near 3860; current at 3910
- DJIA - above its 50 days moving average line near 31400; current at 32423
- RUSSELL 2000 - above its 50 days moving average line near 2200; current at 2185
Psychological levels
- Nasdaq is above 13000.
- S&P 500 is above 3900.
- Dow Jones Industrial Average is below 33000.
- Small cap Russell 2000 is below 2300.
Which industry groups show strength?
There are no industry group showing accumulation. This is extremely bearish sign.
Which industry groups from recent strength show weakness today?
| Below 50 days moving average | ||||
| Technology | Technology | Semiconductors (Equip) | -4 | EMKR, ONTO, TER, VECO |
| Relative strength drops by 5% | ||||
| Retail | Consumer Non-Durables | Shoe Manufacturing | -4 | CROX, DECK, RCKY, SHOO |
| Relative strength drops by 2% | ||||
| Retail | Consumer Non-Durables | Packaged Foods | 2 | CPB, GIS |
| Relative strength drops by 4% | ||||
| Retail | Consumer Services | Marine Transportation | 3 | CCL, LYFT, RCL |
| Relative strength drops by 2% | ||||
| Retail | Transportation | Air Freight/Delivery Services | 4 | ALGT, ALK, JBLU, UAL |
| Relative strength drops by 5% | ||||
| Industrial | Consumer Durables | Building Products | -8 | APOG, AWI, AYI, BLD, BLDR, MHK, MWA, TREX |
| Below 50 days moving average | ||||
| Industrial | Basic Industries | Major Chemicals: Plastics | -5 | AVNT, DOW, EMN, KRA, TSE |
| Relative strength drops by 1% | ||||
| Industrial | Basic Industries | Environmental Services | 4 | CECE, CLH, ECOL, GFL |
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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