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Daily stock market update August 16, 2021 - Market rebound from its lows

How is stock market today?

Market rebound from its lows as indices test key moving averages.

What is the current support level?

Nasdaq rebound from its lows to 10 days moving average after testing 21 days moving average.

S&P 500 and Dow Jones rebound from its 10 days moving average and made another new closing high. This is very bullish sign.

Russell 2000 drop further below its 10 days moving average. This is not a good sign for small caps.

  • NASDAQ - above its 50 days moving average line near 14000; current at 14793
  • S&P 500 - above its 50 days moving average line near 4200; current at 4479
  • DJIA - above its 50 days moving average line near 34400; current at 35625
  • RUSSELL 2000 - below its 50 days moving average line near 2240; current at 2203

Psychological levels

  • Nasdaq is above 14000.
  • S&P 500 is above 4400.
  • Dow Jones Industrial Average is above 35000.
  • Small cap Russell 2000 is above 2200.

Which industry groups show strength?

There are few industry groups showing accumulation. 

Sector Industry Sub-group # Stocks
Retail Consumer Durables Automotive Aftermarket 2 AN, CRMT
Industrial Transportation Air Freight/Delivery Services 3 AAWW, FDX, UPS


Which industry groups from recent strength show weakness today?

Relative strength drops by 1%
Retail Capital Goods Auto Manufacturing -2 NIO, TSLA
Below 10 days moving average
Industrial Energy Industrial Machinery/Components -3 DM, PRLB, VJET
Below 10 days moving average
Commodities Energy Industrial Machinery/Components -4 AY, BLDP, FCEL, TPIC
Below 50 days moving average
Commodities Energy Coal Mining -2 CSIQ, JKS


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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