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Is the stock market in a correction right now? - September 30, 2021
Is the stock market in a correction right now?
The stock market is no doubt in correction as Nasdaq shows its fourth consecutive days of distribution. That is selling in higher volume than previous day.
What is the current support level?
Nasdaq, S&P 500 hit new low and is further below its 50 days moving average.
Dow Jones fell closer to its 200 days moving average.
Russell 2000 fell slightly below its 50 days moving average.
- NASDAQ - below its 50 days moving average line near 14825; current at 14448
- S&P 500 - below its 50 days moving average line near 4440; current at 4307
- DJIA - below its 50 days moving average line near 35000; current at 33843
- RUSSELL 2000 - below its 50 days moving average line near 2220; current at 2204
Psychological levels
- Nasdaq is now below 15000.
- S&P 500 is below 4500.
- Dow Jones Industrial Average is below 35000.
- Small cap Russell 2000 is above 2200.
Which industry groups show strength?
There are more industry groups under accumulation particularly in the retail, commodities and financial stock.
| Sector | Industry | Sub-group | # | Stocks |
| Retail | Consumer Services | Food Chains | 2 | NGVC, TA |
| Industrial | Industrial | Consumer Non-Durables | 2 | PATK, WGO |
| Industrial | Basic Industries | Major Chemicals | 2 | HUN, WLK |
| Commodities | Energy | Oil & Gas Production (Canada) | 2 | CNQ, ERF |
| Commodities | Energy | Oil & Gas Production: Drilling | 2 | RIG, VAL |
| Commodities | Energy | Oilfield Services/Equipment | 2 | PUMP, RES |
| Commodities | Energy | Integrated oil Companies | 4 | BP, EC, MRO, RDS.A |
| Commodities | Energy | Oil & Gas Production (International) | 2 | COP, OVV |
| Commodities | Energy | Oil & Gas Production (U.S.) | 17 | AR, BCEI, COG, CPE, DVN, FANG, MGY, MTDR, PHX, PVAC, RRC, SBOW, SM, SWN, VNOM, WTI, XEC |
| Financial | Finance | Major Banks (Northeast) | 8 | CFG, CUBI, EBSB, EGBN, MTB, SBNY, TBBK, WBS |
| Financial | Finance | Major Banks (Southeast) | 7 | BPOP, HOMB, LOB, OFG, SBCF, SSB, UCBI |
| Financial | Finance | Major Banks (West) | 11 | CVBF, EWBC, FHB, FIBK, GBCI, PB, SI, TBK, VBTX, WAFD, WAL |
| Financial | Finance | Major Banks (Savings) | 4 | CASH, NWBI, PBCT, WSFS |
Which industry groups from recent strength show weakness today?
| Relative strength drops by 1% | ||||
| Retail | Consumer Durables | Specialty Chemicals | -3 | CGC, CRON, OGI |
| Relative strength drops by 1% | ||||
| Retail | Consumer Services | Television Services | 2 | FOX, FOXA |
| Relative strength drops by 1% | ||||
| Retail | Consumer Durables | Automotive Aftermarket | -3 | CVNA, KMX, LAD |
| Relative strength drops by 1% | ||||
| Retail | Consumer Services | Restaurants | -5 | ARCO, CMG, NDLS, WING, YUM |
| Relative strength drops by 1% | ||||
| Industrial | Consumer Durables | Metal Fabrications | 2 | AMOT, WIRE |
| Relative strength drops by 1% | ||||
| Industrial | Basic Industries | Aluminum | -5 | CMC, KALU, TKR, VMI, WOR |
| Relative strength drops by 1% | ||||
| Commodities | Basic Industries | Precious Metals | -2 | SCCO, VALE |
| Relative strength drops by 1% | ||||
| Financial | Finance | Major Banks | 9 | BAC, BK, C, DB, GS, HSBC, JPM, MS, SAN |
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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