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Daily stock market update May 6, 2021 - Market show some good signs

May 07, 2021
MCBOSS CAPITAL
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market update

How is stock market today?

Market show some good signs as Dow Jones lead the market to new highs.

What is the current support level?

Nasdaq fell to a new recent low before rebounding. It is still above its 50 days moving average. Watch and see if 50 days moving average can act as support.

S&P 500 is trying to hold onto its 10 days moving average.

Dow Jones made a new high after rebounding from its 10 and 21 days moving average.

Russell 2000 fell but rebound to close at its 50 days moving average. It is important to find support at this critical juncture.

NASDAQ - above its 50 days moving average line near 13500; current at 13632
S&P 500 - above its 50 days moving average line near 3880; current at 4201
DJIA - above its 50 days moving average line near 31600; current at 34548
RUSSELL 2000 - above its 50 days moving average line near 2220; current at 2241

Psychological levels

Nasdaq is now below 14000.
S&P 500 is above 4200.
Dow Jones Industrial Average is above 34000.
Small cap Russell 2000 is below 2300.

Which industry groups show strength?

There are more industry groups showing accumulation.

Sector	Industry	Sub-group	#	Stocks
Retail	Consumer Services	RETAIL: Building Materials	2	GMS, SITE
Retail	Consumer Services	Other Specialty Stores (Leisure)	2	ASO, BGFV

Industrial	Basic Industries	Mining & Quarrying of Nonmetallic Minerals (No Fuels)	2	SUM, VMC
Industrial	Consumer Durables	Building Products	7	ATKR, BLDR, CSTE, GFF, MHK, PGTI, WTS
Industrial	Basic Industries	Forest Products	3	BCC, LPX, WFG
Industrial	Technology	Professional Services	3	CCRN, JOBS, KFRC
Industrial	Consumer Durables	Containers/Packaging	2	BERY, SEE
Industrial	Capital Goods	Industrial Machinery/Components (Tools)	2	KMT, XYL
Industrial	Basic Industries	Metal Fabrications	2	RYI, ZEUS
Industrial	Basic Industries	Aluminum	2	ARNC, KALU
Industrial	Transportation	Air Freight/Delivery Services	3	AAWW, FDX, UPS
Industrial	Transportation	Trucking Freight/Courier Services	2	ARCB, FWRD

Commodities	Basic Industries	Agricultural Chemicals	2	CF, SMG
Commodities	Capital Goods	Construction/Ag Equipment/Trucks	4	CAT, CNHI, MTW, TEX
Commodities	Basic Industries	Precious Metals	3	CLF, FCX, RIO
Commodities	Energy	Oil & Gas Production: Drilling	2	HP, PTEN
Commodities	Energy	Oilfield Services/Equipment	4	NR, OII, RES, SLB
Commodities	Basic Industries	Steel/Iron Ore	4	GGB, NUE, STLD, TS

Financial	Finance	Major Banks (Northeast)	4	CNOB, CUBI, EGBN, TBBK

Which industry groups from recent strength show weakness today?

	Relative strength drops by 1%
Auto/Truck-Replace Parts	Retail	Capital Goods	Auto Parts:O.E.M. (Parts)	3	MPAA, SMP, XPEL

	Relative strength drops by 1%
Retail/Whlsle-Jewelry	Retail	Consumer Non-Durables	Consumer Specialties	3	FOSL, MOV, SIG

	Relative strength drops by 1%
Bldg-Maintenance & Svc	Industrial	Finance	Diversified Commercial Services	2	IBP, MYRG

	Relative strength drops by 3%
Comml Svcs-Market Rsrch	Industrial	Miscellaneous	Business Services (Market Research)	2	IT, TRI

	Relative strength drops by 1%
Medical-Whlsle Drg/Suppl	Health	Health Care	Other Pharmaceuticals	-3	ABC, CAH, MCK

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.