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Deteriorating Market Conditions
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Deteriorating Market Conditions - October 4, 2021
How is market doing today?
Market conditions seem to be deteriorating over the last week as indices hit new recent lows. Growth stocks seem to be down
What is the current support level?
Nasdaq, S&P 500 continue to trend lower as it is approaching its 200 days moving average.
Dow Jones is down for the day as it is not too far away from its 200 days moving average.
Russell 2000 is trying to hold on to its 200 days moving average converge.
- NASDAQ - below its 50 days moving average line near 14825; current at 14255
- S&P 500 - below its 50 days moving average line near 4440; current at 4300
- DJIA - below its 50 days moving average line near 35000; current at 34002
- RUSSELL 2000 - below its 50 days moving average line near 2220; current at 2241
Psychological levels
- Nasdaq is 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 few industry groups under accumulation with mostly in the commodities/energy sector.
| Sector | Industry | Sub-group | # | Stocks |
| Industrial | Public Utilities | Power Generation | 4 | CPK, DUK, SJI, XEL |
| Commodities | Energy | Oil & Gas Production: Drilling | 2 | HP, PTEN |
| Commodities | Energy | Oilfield Services/Equipment | 3 | HLX, OII, PUMP |
| Commodities | Energy | Integrated oil Companies | 4 | EC, MRO, WMB, XOM |
| Commodities | Energy | Oil & Gas Production (International) | 3 | COP, HES, OVV |
| Commodities | Energy | Integrated oil Companies | 7 | CLMT, CVI, PBF, PSX, TRGP, UGI, VLO |
| Commodities | Energy | Natural Gas Distribution | 4 | DCP, EPD, SMLP, TGP |
| Commodities | Energy | Oil & Gas Production (U.S.) | 17 | AR, CHK, CLR, CPE, DVN, EOG, FANG, MGY, MTDR, PHX, PVAC, RRC, SBOW, SM, VNOM, WLL, WTI |
Which industry groups from recent strength show weakness today?
| Relative strength drops by 1% | ||||
| Retail | Capital Goods | Auto Manufacturing | -3 | HMC, NIO, TM |
| Relative strength drops by 9% | ||||
| Industrial | Basic Industries | Mining & Quarrying of Nonmetallic Minerals (No Fuels) | -2 | MLM, VMC |
| Relative strength drops by 1% | ||||
| Commodities | Energy | Industrial Machinery/Components | -6 | BEPC, BLDP, BLNK, CHPT, KEN, TPIC |
| Relative strength drops by 2% | ||||
| Financial | Finance | Major Banks (West) | 16 | BANR, CFR, COLB, CVBF, EWBC, FHB, FIBK, GBCI, IBTX, PB, SI, TBK, TCBI, VBTX, WAFD, WAL |
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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